Thoughts from my esteemed STEP colleagues please.
Wife died in 2016 with a NRBDWT. Son, one of the executors, thought he knew best and because the estate consisted of a property and bank account, just helped his Dad transfer everything into the Dad’s sole name. Petty standard stuff… However, Dad died in 2017. My questions are:
- Now that Dad has died, it’s impossible to make an absolute appointment of Mum’s NRBDWT assets to Dad, obviously (?)
- Kessler’s “Drafting Trusts & Will Trusts” chapter 19 mentions making an absolute appointment to the other beneficiaries who can then effect a variation - it’s “specialist drafting” however;
- Can we state that there was a debt of £325,000 against Dad’s estate in lieu of constituting the NRBDWT? If so, where does this get noted on the Dad’s probate application forms?
- What’s the impact on the transferable nil rate band and the transferable residence nil rate band (if any)?
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