Deceased client’s wife died 4 years ago leaving a Will containing a cash legacy to Nil Rate Discretionary Trust and leaving residue to the deceased. Assets of her estate were a half share of matrimonial home (held as tenants in common) and an ISA, together less than the NRB. Deceased did not take out Grant of Probate; he reinvested the ISA in his name, and took no action regarding the matrimonial home. Deceased’s estate passes to their 3 children (also potential beneficiaries of the NRDT). House is now for sale and has increased substantially in value since 2014. As the wife’s share has not been appropriated to the trust, and the NRDT legacy remains unpaid, the question is, how should the wife’s share be dealt with - particularly in relation to CGT on sale?
Steeles Law Solicitors Limited