NRB Claim for first to die

Trusts Discussion
1

I wonder if members could assist on the following

I am dealing with the estate of the wife who has died very recently. The husband died in 2012.

In the husbands will there was a nil rate band discretionary trust. The sum of £305,000 went into the trust and was invested with the assistance of a financial advisor.

For some reason this fund has been placed in the name of the wife ( she was one of the beneficiaries) . I am trying to get all of the details . The son was acting under POA for his mum and was one of the Trustees, the third trustee was a solicitor. At this stage I am unsure what documents were completed in order to place these funds in the wife’s name. I think that this was done in the last few years.

My concern is with respect of the husbands nil rate band. Can I claim the unused nil rate band or has that been used ? if not if I can show that the correct documents had not been completed that the funds still belong to the trust.

Many thanks

Collette

2

You would have to review the paperwork to see what happened. If there is nothing, then I would assume by virtue of Husband’s Will, his estate passed into his DT. This means the majority of his NRB has been used with the remainder being available to transfer to Wife (£20,000). H’s trustees could prepare a trustees resolution to confirm the position (in the absence of any paperwork), with Wife signing confirming the fund belongs to the Trust.

Alternatively, it may be that the Trust was terminated and appointed in favour of wife absolutely, in which case there should be a Deed confirming the same and H’s NRB is available to transfer to W in full.

Ihsan Ali
I Will Solicitors

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