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  • Overview

    The Residence Nil Rate Band (RNRB) has been recently introduced and is only able to be claimed on estates where the deceased has died on or after 6 April 2017. The RNRB increases the amount which can pass free of Inheritance Tax on the death.

    In order to claim this new relief the deceased’s property (or the proceeds of sale) must be inherited by a "direct descendant" such as a child. We are seeing estates where the will has been prepared, often many years ago, leaving the deceased’s assets on the terms of a discretionary trust and not directly to children. This type of arrangement will not qualify for the RNRB relief unless action is taken within two years of death.

    The current RNRB is £100,000 and will rise to £175,000 in April 2020. This means £40,000 in Inheritance Tax, rising to £70,000 in 2020, can be saved if the exemption is able to apply. In addition, it may be possible to also claim the RNRB of a spouse or civil partner if they have previously died without making use of their RNRB, even if this death occurred before 6 April 2017.

    How does this work in practice?

    In one case the children’s father had died many years ago and the house at that time passed to their mother who has now died. Their mother’s will left the residuary estate on the terms of a discretionary trust. Their mother wanted the trust set up to protect assets for her children for a number of reasons. Their mother also wanted to ensure her children where treated equally, if possible. Following our advice and after considering the children’s current circumstances, the trustees of the will trust have decided to transfer a share of the house to each of the children, releasing sufficient value form their mother’s house to claim the RNRB and that of their father. This means £80,000 in Inheritance Tax has been saved following the advice the trustees received.

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    A probate lawyer will give you clear guidance about the different levels of service on offer, the steps involved, the costs and probable timings.

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    Using a lawyer to apply for a Grant of Representation can unlock your assets more quickly and save you time.  

    Executor support service

    Using our Executor Support Service in the probate process means you can hand over the tasks you lack the time or knowledge to carry out.  

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    Getting a lawyer to take on responsibility of the entire process of estate administration is less stressful and less time-consuming.  

    Inheritance Act claims

    A lawyer can often find alternatives to court proceedings in Inheritance Act claims, preventing heavy costs and damage to relationships.  

    Will disputes

    Our expert lawyers include members of The Association of Contentious Trust and Probate Specialists and are experts in dealing with these types of disputes. They will adopt a sensitive but commercial approach, looking for innovative solutions, and will strive to get the best outcome for you.

    Trust disputes

    Our expert lawyers include members of The Association of Contentious Trust and Probate Specialists and are experts in dealing with these types of disputes. They will adopt a sensitive but commercial approach, looking for innovative solutions, and will strive to get the best outcome for you.

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