Our Generation Plan for Mirror Wills captures both partner's Nil Rate Bands on second death and holds them in trust for future generations.
The Second Death Discretionary Will Trust gives the inheritors the opportunity of excluding that money from their Estate and perhaps passing it on in the future to their own children. They will retain the flexibility to draw from it, take loans or make gifts to their own children or grandchildren. They may even wish to add to this Trust going forwards with their own Nil Rate Bands at a later date, maybe even creating a family Trust for future generations.
We also have a Generation Plan in place for single people, widows or widowers who have the potential to use up two Nil Rate Bands on their death, i.e. widows or widowers whose spouse died prior to 9 October 2007 without using all or part of their Nil Rate Band. It will include the same Discretionary Trust on their death or potential for the Discretionary Trust at that point.
Benefits are similar to the Mirror Will but apply to a single person. The people who will benefit most are widows and widowers whose spouse died without using their NRB. They will be able to create a Trust for up to £624,000 without payment of IHT.
