House Ownership – Trust Will

A basic Will is suitable if you are married or in a registered civil partnership with a an Estate of “Normal Proportions”.  A “Nil Rate Band style” Will is still appropriate today for couples who are as yet, unmarried but have Larger Estates.

People wishing to mitigate their Inheritance Tax liability should note that a new RNRB is coming in in the New Year which would give a houseowner who is residing in that property an additional £100,00 in addition to their Nil Rate Band – Increasing possibly to £175,000 by 2020.

To offset the impact of a local authority using a share in the home to cover the cost of long term medical or nursing care a Property Trust Will is still suitable.    These type of arrangements can also ensure that a share of the Family home intended ultimately for children from the first marriage are received by them, without the danger of the surviving spouse remarrying and inadvertently diverting  this Asset into a different Family by predeceasing their new spouse.