Is this a Will trust and do we need it - IHT?

Poundcat

My widowed mother recently died leaving her assets to the three adult children (two of us are named Executors).  I have ploughed through IHT400  and her assets fall below the IHT threshold after utilising various allowances like RNRB and the transferable nil rate band.  All good.

THEN we tracked down her Will, but I wonder if we need to do something formal to get rid of this trust?  Or can I just list it everything on the IHT400 and backing forms and show we have no IHT to pay?

The section of the Will that is bothering us says (after detailing some bequests):

“My executors shall hold the residue ON TRUST either to retain or sell it and;

1) Pay all my debts, funeral and executorship expenses and

2) To hold my net residuary estate ON TRUST for such of my children (named) as will survive me….

The standard provisions of STEP (version 1) shall apply..." (I have abbreviated this last bit)
Does it now mean that we have a Trust?  The firm that drafted this for her is long dissolved.  
Thanks in advance

Mojisola

That hasn't created a trust - it just means that executors keep all the estate until all debts are paid off and then distribute the remainder according to the will.

getmore4less

That creates a trust(all estates are held as a trust).
Gives the trustees (executors) the power to deal with the assets

Trust exist while in administration.

Poundcat

Thank you both.  That is the answer we were hoping for.