Help with IHT 205 form

loulou41

Just going through IHT form 205 with a friend and we got stuck with the above question. The half share of her husband property is in trust for the adult children. She has life interest and her share will pass to the children as well. So the answer to question 4 is yes. Her half share of the property is £175 so they must fill form 400. Am I right? Husband is sick but not gone yet she is just being prepared. I told her I will help and it is too much she can retain a solicitor for the job. She is not well off. See query below. Thanks

Did the deceased have the right to receive the benefit from any assets held in a trust that were treated as part of their estate for Inheritance Tax purposes?
If you answered 'Yes', and the deceased:
f you answered Yes and the deceased
• was entitled to benefit from a single trust, and was entitled to benefit from a single trust and
• the value of the assets in that trust, treated as part of their estate, was less than £150,000 the value of the assets in that trust treated as part of their estate was less than £
include the value of the trust assets in box 9.3 But if the value was more than £150,000, or there was more than one
include the value of the trust assets in box ut if the value was more than £ or there was more than one
trust , stop filling in this form. You will need to fill in form IHT400 instead. trust

Keep_pedalling

Could you clarify the position of the the trust please. Has he already placed it in trust or will this be what is happening once he has died?

loulou41

It's a will trust also called immediate post death interest possession trust. Thanks