I have asked to provide a second opinion on a Will where the testator has since died.
The Will was written in April 2025 before transferrable IHT allowances and so contains a discretionary NRB trust with balance of estate to surviving spouse.
The Will contains the following clause
“7. a) THIS clause supplements the provisions of the earlier clause of this Will which contains a legacy of “the Nil-Rate Sum” and in what follows “the Nil-Rate Trustees” means the trustees of the trusts of that clause
b) INSTEAD of satisfying that legacy wholly by the payment of cash (or the appropriation of property) to the Nil-Rate Trustees my personal representatives may
(i) require the Nil-Rate Trustees to accept in place of all or any part of the Nil-Rate Sum a binding promise of payment made by my spouse
(ii) charge all or any part of the Nil-Rate Sum on any residuary property given by this Will or any Codicil to it to my spouse absolutely
c) THE Nil-Rate Trustees may lend any money currently held by them to my spouse”
Am I correct in my understanding that the estate could be transferred to surviving spouse and an “IOU” could be given by surviving spouse to the trustees repayable on their death?
Thanks in advance