I am dealing with the administration of a deceased’s estate whose Will set up a NRB Discretionary Trust. He executed a Codicil removing the Trust so there is now no Trust. His estate is taxable.
His wife predeceased him and her Will set up a NRBDT however she did not sign a Codicil removing it. The wife died 2 and a half years before him so too late to do a Deed of Appointment for s144 IHTA to apply. They owned their property as tenants in common, which, on the wife’s death was worth £400,000. Her share (£200,000) has therefore passed into the Trust. The wife had other assets in her sole name (although I am not sure the value of these assets at this stage) however the husband closed down the accounts and paid the money to himself (he was the residuary beneficiary of her estate) In due course, I will need to work out what TNRB is available from the wife’s estate but wondered whether an appointment from a Trust can be implied seeing as the husband has clearly appointed his wife’s sole assets to himself but never executed a deed of appointment to formalise it. Also, I am guessing that there is no TRNRB as the wife’s share went into the DT? Could it be argued that as he lived in her share of the property for his life that he actually had a IPDI and therefore her RNB is available? (his Will leaves his estate to their daughter and grandchildren) Any advice would be most appreciated.