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Hot Topic: Nil Rate Band Will Trusts, Are they still of value?

Nil Rate Band Will trusts still offer advantages and can form an integral part of estate planning. They are most commonly used when people want to avoid their assets being available to the local authority in the event of their partner going into care. By leaving assets to a trust on the first death, those assets cannot be taken into account by the local authority. Where a house is involved, splitting ownership between a trust and a surviving spouse will reduce the value of the asset for inheritance tax purposes. In the event there is cash in the will trust, trustees can make loans to the surviving spouse and this debt further reduces the taxable estate of the surviving spouse on their subsequent death.

With transferable Nil Rate Bands coming into play, Nil Rate Band discretionary trusts have lost their appeal. However, as you can see, they are still useful and should not be ignored in estate planning using wills. You never know, the Government could always change rules, particularly in the current climate when they need more tax receipts irrespective of which party is in power.

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