nil rate band discretionary trust.. help

jackie201616

So i'm getting really confused.  2009 potentially I would acquire 50% of main residency (they had property 50/50 tenants in common) and 33% of another property (we all had 1/3 share originally) wrote into my mothers will in NRBDT.  Where would I find this logged as happening, no mention or changes were made to land reg documents and I can't find any details on my mothers probate paperwork. I'm getting more and more confused about this as now my father has died I don't know best way to go regarding probate. I dont really understand what the discretionary trust was/is and nor what I can and cant put through probate or even if the trust was set up and it would be more straight forward as I only had a small amount of cash and jewellery from my mothers estate. Thinking i'm going to have to use a solicitor which is the route I really didn't want to go down.Help please.

poppystar

Who was Executor for your mother’s Will? Is it worth approaching them in the first instance to enquire what was or was not done, why and by whom? This might give you are clearer base from which to start thinking about your father’s estate. 

xylophone

https://www.battens.co.uk/news-events/news/my-will-has-a-nil-rate-band-discretionary-trust-in-it-should-i-change-it

If an individual dies and they still have a nil rate band discretionary trust in their Will, then in practice this does not really cause an issue. If desired, an appointment can be made of the nil rate band out of the trust to the surviving spouse within 2 years of the death so that it is read into the will for IHT purposes and the entire estate will be spouse exempt.

In view of the change in the law,it is quite possible that such an appointment was made?

If you are unsure of how to proceed, it would be wise to consult a solicitor, perhaps the one who drafted your mother's/father's will.

SeniorSam

There was no need to make changes, although often this is done following the first death of parents. However, The first death created a Trust which had an asset of half of the house that your parents occupied. 

This form of Will Trust is used when there is likely to be an inheritance tax liability, but since the changes making a  'Residential Allowance' for those who own property in addition to the Nil Rate allowance, potentially gave each estate  £500,000 before tax.  Therefore, taxation is only likely to be required on estates of over £1 Million.

As xylophone has mentioned, it would be best to speak with the solicitors who drew up the Wills and simply ask for clarification before actually asking the solicitors to help with sorting this out if you need it.