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    • Egg custard
    • By Egg custard 2nd Oct 17, 4:03 PM
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    Egg custard
    Will/Inheritance Tax Advice needed
    • #1
    • 2nd Oct 17, 4:03 PM
    Will/Inheritance Tax Advice needed 2nd Oct 17 at 4:03 PM
    My dad died recently and I am executor to his estate. I have previously applied for probate for my aunt and intend to do the same for my dad.
    Mum is still living and the will leaves everything to her, except that for some reason his share of the house is left in trust to myself and my brother with the proviso that she can remain there as long as she wishes.
    My understanding was that any estate left solely to a spouse is exempt from Inheritance Tax. Would that still be correct in these circumstances? Does the house trust not mean that she is not actually getting his whole estate and that there will therefore be tax to pay?
    Dad has about 360K in investments and 280k in joint investments with mum.
    I would be really grateful if anyone could advise me on this.
Page 1
    • getmore4less
    • By getmore4less 2nd Oct 17, 4:32 PM
    • 30,006 Posts
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    getmore4less
    • #2
    • 2nd Oct 17, 4:32 PM
    • #2
    • 2nd Oct 17, 4:32 PM
    Look up immediate post death interest trust.

    For IHT purposes it is the same as inheriting the lot, along with the nil rate bands.

    Ring fences the asset for other reasons like care fees.


    Probably needs some IHT planning for mum as assets are over £650k and depending on house value could be a lot more.
    Last edited by getmore4less; 02-10-2017 at 4:35 PM.
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