Some thoughts / guidance on practical aspects for this scenario would be much appreciated please:
H (Husband) dies Oct 2021 having made gifts w/in 7 yrs to death and in Will, leaves amount up to NRB allowance (taking said gifts into account) into NRB-DT for spouse, children + remoter issue.
W (wife) died this Jan 2023 (potentially having made gifts w/in 7 yrs to death) and her Will has same NRB-DT.
In both cases, residue passes to each other (H&W) and if both gone as to 2/3 equally to children and 1/3 to grandchildren.
H net estate for IHT was c. £188k
W net estate likely around £380k (cash+investments)
No property (sold a while back to cover care costs for H & then W).
There appear to be no STEP provisions (1st edn) present in the Wills.
Upshot: NRB-DTs are not required and agreement is that the children receive the assets.
Q’s:
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Is there anything that needs to happen practically speaking ref. H’s estate/more particularly the NRBDT given it transpires that no DoV was set up (and now presumably couldn’t be anyway given W is dead and it doesn’t include “W’s Estate” as a beneficiary)…or is it instead a single deed of appointment/winding up of trust by the children for themselves out of W’s estate?
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Assuming proceeds from property they once lived in can be ‘traced’ (if necessary) to the now remaining cash assets, is it right RNRB/TRNRB could be claimed, potentially up to £350k?
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Assuming NRB was lost on H’s death where no DoV entered into, is it likely W’s can benefit from NRB (taking into account any gifts…)?
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Any other thoughts on possible tax consequences of the above very welcome…
Many thanks.