We are acting in a matter where:
A couple made Wills in 2003 incorporating a gift of nil-rate band legacy on discretionary trusts.
The husband died in August 2016 and his Estate was left un-administered. The husband’s Estate included his share in the property (held as joint tenants) and some shares in his sole name (approx. value of £1,000). Dividends have accrued on the husband’s shares - approx. £350. These shares are still in the husband’s name.
The property was sold in January 2020 and the proceeds transferred to the wife’s sole bank account. The wife died in May 2020.
Are the husband’s shares and dividends effectively assets of the husband’s trust and owned by the trustees of the same?
Can the wife’s estate claim the unused transferable nil rate band (being the nil rate band less the value of the shares and the dividends)?
The final question is how do we formally wind up the discretionary trust?
Thank you in advance for your advice.