pre 2007 will

MarcoM

Hi

My parents have a will which states "I give devise and bequeath all my property both real and personal
whatsoever and wheresoever ("my property") to my trustees UPON EXPRESS tTRUST to sell call in and convert
the same into money with the statuory power to postpone sale being exercisable at their discretion UPON
TRUST for my wife......absolutely but if she shall die before attaining an absolute vested interest in my residuary estate then the same
shall be held upon trust for my said son...."

Does the above will mean that the 325k NRB cannot be transferred to the spouse hence having a 650k threshold on detah of the second spouse?

many thanks

Savvy_Sue

Would this be worth a quick phone call to the solicitor who drew up this will to ask them what it means?

purple_haze

It means on the death of the first parent his or her estate passes in its entirety to the surviving parent, so the transferable nil rate band will be preserved in full and on the death of the second parent the first £650,000 (on current figures) of his or her estate will be exempt from inheritance tax.

MarcoM

purple_haze wrote: »

It means on the death of the first parent his or her estate passes in its entirety to the surviving parent, so the transferable nil rate band will be preserved in full and on the death of the second parent the first £650,000 (on current figures) of his or her estate will be exempt from inheritance tax.

thanks purple. What confused me is that the will states that the surviving parent holds the estate upon trust WITH me for the benefit of said surviving parent. I was worried that since I would be a trustee, the nil band rate would not be available.

McKneff

Why do they make is sound so complicated, why couldnt they have said this:=

purple_haze wrote: »

It means on the death of the first parent his or her estate passes in its entirety to the surviving parent, so the transferable nil rate band will be preserved in full and on the death of the second parent the first £650,000 (on current figures) of his or her estate will be exempt from inheritance tax.

Instead of this:-

I give devise and bequeath all my property both real and personal
whatsoever and wheresoever ("my property") to my trustees UPON EXPRESS tTRUST to sell call in and convert
the same into money with the statuory power to postpone sale being exercisable at their discretion UPON
TRUST for my wife......absolutely but if she shall die before attaining an absolute vested interest in my residuary estate then the same
shall be held upon trust for my said son...."

Then everyone would understand without having to ask someone else what it all means.

There is stuff in my will that I havent the foggiest what it means.

getmore4less

The legaleese required to get a will right relies on tried and trusted and most importantly TESTED in court standard terms.

There were most likely parts of this will not described.

If you have a will you don't understand then you need to get that sorted.

One problem with the simple version it does not take into account near simultanious death