IHT and Trustee

Gnittih

If a persons Will puts their Estate in the hands of a Trustee and the Estate is valued greater than the Nil rate band of £325k, 1. does the Trustee have to pay IHT?..... 2.if the Benificiery via the Trustee is the surviving spouse, is IHT due?

kidmugsy

A common thing used to be for the will to specify that all assets up to the nil rate band would go into a trust, and the excess would go to the widow. That way there would be no IHT to pay.

System

Gnittih wrote: »

If a persons Will puts their Estate in the hands of a Trustee

Wooly wording. There are different kinds of trust. Even if a will doesn't actually set up a trust, all wills do so anyway to the extent that the executors hold the estate in trust for the beneficiaries until they administer it.
There is no IHT on estates left to a widow anyway.

Gnittih

But if the widow is the executor and trustee,stated in the will, does the same apply?