Can anyone offer an opinion on the scenario below please?
I have an estate where the will leaves a nil rate band legacy to children and the residue to charities. There is insufficient cash to settle the legacy and so part of the net proceeds of sale will be needed.
My understanding of the position is that even though part of the property will be used to settle the legacy to qualifying beneficiaries, the estate will not benefit from the RNRB because the residence is not specifically left to a direct descendent.
Is this correct?
Thanks for any views.