Ignoring a NRB DT - is it too late?

Trusts Discussion
1

Hello,

My client told me that her late husband’s Will left everything to her. He died 11 years ago. She is worried about impact of care fees etc and asked me what she can do to mitigate.

She then gave me a copy of his Will which sets up a NRB DT. Executors obtained Probate but then have ignored its existence passing whole estate to wife.

Is it too late to do anything about this? A great opportunity for some asset protection but are we too late?

2

In my opinion it’s not too late, unless the executors have signed paperwork terminating the trust. If the trust is not terminated, just treat it as continuing and put your own paperwork in order, and the result will take out of the wife’s estate the NRB as at the date of the husband’s death.

Julian Cohen

Simons Rodkin