Not sure how to answer these questions!

cherry76

House worth approximately £400,000. He left his 50% share in a will trust for his children giving me a life interest and I will do the same.
questions
Assets held in trust. Is it 0% on first death. On second death (mine it will be £400,000.
Unused allowance from spouse. Is it 0% or £325,000? Am confused as am the surviving spouse?

Does the deceased benefit from any trust during his life time? The answer should be no on first death but yes on second death?

These questions might look dumb to some of you, pl excuse my ignorance. I do know I have to register the trust within two years. Thanks

Keep_pedalling

On the first death the will creates an immediate post death interest trust. This is still covered by spousal exemption as although the trust is the legal owner the surviving spouse retains beneficial ownership. None of the NRB is used up so can be transferred to the surviving spouses’ estate. For IHT purposes the whole house forms part of their estate. 

cherry76

So assets held in trust is %. And NRB 0%. For IHP that will be £400,000. Am I correct? It’s so expensive to seek advice from a solicitor at a rate of £318. I will have a go first.

RAS

It really isn't clear what your question is?

Who is asking these questions, where, exactly?

You need to register the IPDI trust with HMRC within 2 years. That's possibly a bit away. So spend a little time understanding what you need to know.

If the house is valued at £400k, then logically a half share is £200k max. But unless the will says otherwise all other assets are outside the trust?

That half share will form part of the IHT allowance your executors can claim when you die, which is 2xnon-residential and 2xresidential, totalling £1m. The IPDI trust is "wound up" when you die.