Will Trust

jouley

My husband has died and left a Will which states a Nil Band Trust and Interest in Possession Trust. I am sole beneficiary then it goes down bloodline when I die. Do I need to fill in IHT400 & IHT 435? 

Keep_pedalling

Sorry for your loss. This sounds like a quite old will, NRB trusts became virtually obsolete in October 2007 when the transferable NRB was introduced. The IIP trust still makes sense for the house, but it might make more sense for the beneficiaries of the NRB trust to do a deed of variation passing that portion of his estate directly to you.

As for IHT 400 that is unlikely to be required but we can’t say for certain without more detail. Even where no IHT is payable there are some circumstances where an IHT return needs to be made, for example if your husband was the beneficiary of a trust at the time of his death.

Marcon

Keep_pedalling said:

Sorry for your loss. This sounds like a quite old will, NRB trusts became virtually obsolete in October 2007 when the transferable NRB was introduced. The IIP trust still makes sense for the house, but it might make more sense for the beneficiaries of the NRB trust to do a deed of variation passing that portion of his estate directly to you.

Or simply unwind the NRB - good explanation here: https://osborneslaw.com/wills-probate-and-disputed-estates-solicitors/unwinding-unwanted-nil-rate-band-trusts/