Husband died 4 years ago creating a NRBDT in his Will. The family deal themselves and just treated the surviving wife as the beneficiary and transferred the estate to her. They have now realised there was a trust in husband’s Will and have asked that I prepare the documentation to formally terminate the Trust to correct the position.
Leaving aside the taxation issues of terminating the husband’s NRBDT, I am slightly concerned about the IHT position in the longer term. Wife will benefit from her NRB and the RNRB but will her estate also benefit from her late husband’s RNRB?
Brewer Harding & Rowe