Lymington Directory Oct/Nov 19
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Is your Discretionary Trust<br />
still needed?<br />
Many Wills made before the<br />
introduction of the Transferable Nil<br />
Rate Band in 2007 incorporated a<br />
Discretionary Trust, often using the<br />
family home, to make use of the Nil<br />
Rate Band of the first spouse to die and<br />
therefore saving Inheritance Tax.<br />
Property now held in discretionary<br />
trusts cannot utilise the Residential Nil<br />
Rate Band introduced for Inheritance<br />
Tax last April, which has already<br />
benefited the estates of a number of<br />
our Clients and saved their families<br />
thousands of pounds. However, in<br />
many cases it is only a debt charged on<br />
the property, not the property itself<br />
that is held in the discretionary trust, in<br />
which circumstance the Residential Nil<br />
Rate Band may be available.<br />
applicable when you made a Will say<br />
ten years ago may not now be the best<br />
way to leave your estate. It is good<br />
practice to review your Will to ensure<br />
that it carries out your wishes and<br />
makes the best use of the tax<br />
exemptions available to you and your<br />
estate.<br />
If you would like to speak to us about<br />
your Will or indeed to review the<br />
current provisions please do not<br />
hesitate to contact us at the <strong>Lymington</strong><br />
Office on 01590 689500 or at New<br />
Milton on 01425 610078.<br />
If your will hasn't been reviewed in the<br />
last ten years, it may be worth your<br />
while undertaking a review to<br />
appreciate the changes in the<br />
Inheritance Tax allowances, your<br />
circumstances, or those of your family.<br />
The law is ever-changing and what was<br />
Nicola Davies<br />
enquiries@heppenstalls.co.uk enquiries@heppenstalls.co.uk<br />
75 75 75 High High High Street, Street, <strong>Lymington</strong> 01590 01590 689500<br />
75 High Street, <strong>Lymington</strong> 01590689500<br />
www.heppenstalls.co.uk www.heppenstalls.co.uk<br />
82 82 82 Station Station Rd, Rd, Rd, New New New Milton. Milton. 01425 01425 610078<br />
82 Station Rd, New Milton. 01425610078<br />
Please mention The <strong>Lymington</strong> <strong>Directory</strong> when responding to advertisements<br />
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