This will is a very simple “Nil rate band” will for purposes of IHT. Under the law at August 06, no inheritance tax will be payable on your death. IHT will be payable on the death of your spouse. This is a simple way to minimise IHT.
Gifts to anyone, as required. Gift up to value of nil rate band to children outright, assuming all are aged over 18. All residue to spouse (who will receive free of IHT). Children also given by default any business or other non-chargeable assets; Suitable for: anyone; Middle aged or older parents.
No settlement for IHT purposes, so children can permit widow/er to live in house if that is part of property given.
About this document
This will is a very simple “Nil rate bandâ€Â will for the purposes of inheritance tax (‘IHT’). Under the law at August 06, no inheritance tax will be payable on your death. IHT will be payable on the death of your spouse. This is a simple way to minimise IHT. This will document allows the testator to give specific gifts or personalty or real estate to anyone. It then allows the testator to give a gift to the children, up to a maximum amount of the current nil rate band. It assumes that the children are all over 18 – that is, they can receive the gift themselves, not via a trust. The residue of the estate passes, without IHT, to the spouse. The children are also provided, by default, any business or other non-chargeable assets.
This document is suitable for middle aged or older parents whose children are fully fledged. There is no settlement for IHT purposes, so the children can permit widow/er to live in house if that is part of property given.
The Net Lawman wills are suitable for most situations. If the will you need is not here, we can draw a will to your precise instructions for a very reasonable fee.
In these descriptions: “remainderman" means the person entitled to capital and any accumulated income after the death of a person with a life interest (a “tenant for lifeâ€Â).
Application
and features
Comprehensive templates - delete what you do not need;
Inclusion of sensible administrative provisions;
Use of plain English;
Comprehensive explanatory notes.
Contents
Details of the testator;
Details of executors and trustees;
Specified gifts of money;
Specified gifts of property (personalty or real estate);
Entire residue of estate to pass to surviving spouse.
Trust for child guardians;
Trust for children;
Provision for professional trustees or executors to charge a reasonable fee for their services;
Trust fund management;
Trustees general powers;
Minor beneficiaries;
Relationship with beneficiaries;
Funeral wishes;
Signature for testator and witnesses in line with section 9 of the Wills Act 1837;
Example letter of intent;
Extensive notes to guide you.
Word
Count (approximate):
Document: 2100
words
Explanatory notes:
2250
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
