Gifts to anyone, as required. Does not set up a formal trust
but includes trust provisions suitable for under 18
beneficiaries in any relationship category. Suitable for:
widow, widower or divorced person who has children but
no “life partner”
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Gifts to anyone, as required. May be used as "mirror" wills.
Everything given to the other of them. If the other dies first,
or they die together, then estate divided into 2 parts (or any
number of parts, or not divided at all) and given to brothers
and sisters or others. Trust provisions. Suitable for:married
couple, no children, any circumstances Suitable for: married
couple, no children, any circumstances
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Gifts to anyone, as required. Whole of estate to spouse or
partner for life. After death, split between other relatives and
charities. Spouse can have capital too, if needed. Suitable
for: person with or without children who may or may not
have re-married, but wants spouse to have life interest only
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Gifts to anyone, as required. Main estate to nieces, nephews
or others. Trust provisions for children. Suitable for: anyone;
single person, no spouse, no children
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Gifts to anyone, as required. Half residue to spouse for life,
income only; after his / her death then to children. Specific
provision for spouse to occupy house as part of his / her
half. Trust provisions to maintain capital value (for benefit of
remaindermen). Provision for termination of life interest in
house if tenant for life co-habits with someone. (That is: lives
together). Other half of estate to children immediately.Various provisions to make sure the Trustees
keep the capital value of the Trust Fund intact for the remaindermen -
so less freedom to spend capital money on the tenant for life.
Suitable for: person married to, or living with someone other
than parent of his / her children
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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
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"This will provides for a “Nil rate band” gift into discretionary
trust for any of your listed potential beneficiaries. Of course
you will have left a “side letter” setting out your precise
preference as to the distribution of the funds in the trust.
Under the law at August 06, no inheritance tax will be
payable on your death if all the balance of your estate is paid
to your spouse. IHT will be payable on the death of your
spouse. This will also provides for the creation of a second
discretionary trust, into which all your remaining assets are
given. This will include assets on which IHT is or may be
payable, such as assets subject to exemption or partial
exemption which you did not include in the nil rate band trust,
as well as assets which may be liable to the full charge. This
enables your trustees to re-arrange your estate so as to
minimise tax or pay some people and not others. IHT is
payable on the “re-arranged” estate. It is essential that your
trustees take such steps within two years of your death, or
the opportunity is lost. This is a simple way to minimise IHT.
Suitable for:
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Gifts to anyone, as required. All to spouse for life, inc power
to spend capital. Gift over to children absolutely. Wide trust
powers. Suitable for: person with wealthy children who do
not need large amount of cash on your death and for whom
the "gift over" on death of tenant for life is not important
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This will provides for a “Nil rate band” gift into discretionary
trust for any of your listed potential beneficiaries. Of course
you will have left a “side letter” setting out your precise
preference as to the distribution of the funds in the trust.
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. NRB gift into trust, then all residue to
spouse (who will receive free of IHT). Trust also given by
default any business or other non-chargeable assets.
Provision for guardianship of children if you both die. Cash
could be used in any way - to pay guardians or direct to
children. Guardians may use money generally. Full trust
provisions with wide powers to trustees
Suitable for: anyone; parents of any age, to cover
unexpected accident
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Gifts to anyone, as required. All to spouse absolutely. If he /
she does not survive then child guardians appointed. Trusts -
half of residue for children. Other half of residue to
guardians. They receive income as it arises and may receive
capital subject to a good “report” by children when they are
of age. Trust provisions allow for minor children
Suitable for: young parents, particularly to cover unexpected
accident
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This will combines several simple features to avoid all liability
to IHT. First, gifts to anyone, as required. But that will use up
some of your nil rate band. Second, you create a
discretionary trust of (the balance of) your nil rate band. This
gives your trustees great flexibility, to deal for example with
a family business. You instruct your trustees in a side letter
exactly how you would like them to exercise their discretion
among the beneficiaries you have named in your will. We
provide an example letter of instruction. 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. All the rest of your estate
(residue) goes into a second trust to your spouse for life,
remainder (after her death) to your children. Inheritance tax
on the remainder will of course be payable as part of her
estate when she dies. Children also given by default any
business or other non-chargeable assets up to value you
specify. Full trust provisions with wide powers to trustees
Suitable for: anyone middle aged or older parents. No
settlement
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Gifts to anyone, as required. 60% of residue to wife /
husband / life partner, for his / her life; 40% to children
immediately. After death of wife / husband / partner, all to
children.Specific provision for partner to occupy house;
Wider trust powers, may fail to preserve capital. Suitable for:
person living with someone other than parent of his / her
children
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This will combines several simple features to avoid all liability
to IHT. First, gifts to anyone, as required. But that will use up
some of your nil rate band. Second, you create a
discretionary trust of (the balance of) your nil rate band. This
gives your trustees great flexibility, to deal for example with
a family business. You instruct your trustees in a side letter
exactly how you would like them to exercise their discretion
among the beneficiaries you have named in your will. We
provide an example letter of instruction. 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. All the rest of your estate
(residue) goes into a second trust to your spouse for life,
remainder (after her death) to your children. Inheritance tax
on the remainder will of course be payable as part of her
estate when she dies. Children also given by default any
business or other non-chargeable assets up to value you
specify. Full trust provisions with wide powers to trustees
Suitable for: anyone middle aged or older parents. No
settlement
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