IHT advice needed please.

bulldog08

Hi I made a will 11 years ago and in my will it stated I wished our property to be left to our three daughters. It stated "I give" my property which is solely in my name. At the time of making my will my mother had passed away suddenly and I guess I was bereaved and didn't fully understand the IHT implications and if I'm honest still don't fully. Our home is valued at 425k. I have savings also that at the time of making my will were not mentioned, basically because I never had any. Also I want to change an executor of my will as I know longer have any contact with that family member. I don't know if I should just write a new will to cancel out the old one. My assets are over 500k. I'm very lucky to be in this situation but I am confused about how to leave my will as regards to leaving it all to my husband obviously I know all my assets will not be subject to IHT. I am about to seek advice off a solicitor but any advice is appreciated before I go as I want to be clear on it. Also what are the down sides of Trusts?Thankyou everyone.

Keep_pedalling

Are you the sole owner of the property? Are your children adults, if they do any of them already own their own home? It does sound like you need a new will, bequeathing your home to your children should be done via an immediate post death interest trust, which would give your husband a life interest and avoid your children being hit with a CGT liability further down the line and having to pay additional second home tax when they buy their first home.

Linton

Get a new will written leaving all the money to your husband and naming a new executor.  The new will invalidates the old one.

As your old will did not seem to mention your husband I guess you married subsequently.  If so your old will is no longer valid anyway. 

You need to specify what happens should your husband die before you.

If it is still solely owned by you, you need to decide what should happen to the house if you die first.  When he subsequently dies does it simply go to his beneficiaries or do you want it to go instead to your children. 

In any case a Trust as normally understood should not be required beyond the standard simple one needed to action  
 the option of your children eventually inheriting the house.

poseidon1

Linton said:

Get a new will written leaving all the money to your husband and naming a new executor.  The new will invalidates the old one.

As your old will did not seem to mention your husband I guess you married subsequently.  If so your old will is no longer valid anyway. 

You need to specify what happens should your husband die before you.

If it is still solely owned by you, you need to decide what should happen to the house if you die first.  When he subsequently dies does it simply go to his beneficiaries or do you want it to go instead to your children. 

In any case a Trust as normally understood should not be required beyond the standard simple one needed to action  
 the option of your children eventually inheriting the house.

Unless of course the husband is not the father of the children, in which case OP will want to safeguard her kids inheritances whilst ensuring husband still has a home ( assuming she solely owns it).

OP your narrative was a bit unclear in parts, hence the ifs, but and maybe responses.