I have a Will which has the following:
Property on LIT for wife.
NRB discretionary trust, with debt/charge provisions
Residue is then held on trust for the following:
- Annual sum of £1200 to the deceased’s father, index linked
- Income for wife during her life
Father survived the deceased and wife had been paying him the money and more, the extra will therefore be PETS for wife unless within annual exemption. Therefore only on the fathers death (he has now died) can the available nil rate sum be calculated. However, there is clause saying that the trustees may waive the payment of the whole or any part of the Nil Rate Sum, if the trustees waived payment of the Nil rate Sum then would the transferable NRB be available, less the amounts paid to the dad?
Rose & Rose