The partners in my firm have are the appointed executors in the Will of the deceased. His assets include a property held as tenants-in-common with his late wife and various bank accounts/shareholdings etc. which are valued in excess of his nil rate band.
When making enquiries as to the availability of the transferable NRB, is appears the deceased’s late wife’s Will (which has not been proved) includes a Nil Rate Band Discretionary Trust. Nothing has been done by the executors of her will in terms of transferring any assets into the trust. We are making enquiries to ascertain if the deceased’s assets were inherited by way of survivorship, or if the assets should have passed into the NRBDT, but are unsure how to proceed with the administration of the estate, given there is an administered NRBDT in the will of the first spouse to die. Is the trust still classed as having come into effect despite no assets being transferred into it?