Masterclass - Dealing with Will Trusts, Tax and Legal Aspects

Taking extracts from our popular Conference programme, Mercia Masterclasses offer a unique opportunity to hear from experts in specialist areas without having to attend the full conference event.

Given the time available this session will not attempt a comprehensive review. Lesley King from the University of Law looks at particular issues relating to nil rate band discretionary trusts and interest in possession trusts that can cause problems. These will include:

• Do the trusts have to be registered and, if so, when?
• Can trustees exercise powers in their own favour.

IPDI trusts

• Consequences of terminating an IPDI during beneficiary’s lifetime.
• Is Residence Nil Rate band (RNRB) available on second death?
•  Likelihood of challenge from surviving spouse/civil partner.
• Trustee losing capacity.
• What’s the difference between a right to occupy and a full life interest?
• Who has the remainder interest?

NRB discretionary trusts

• Should they be kept or wound up?
• Conflict of interests.
• Reducing the costs of administration

If you are interested the recordings of the entire Probate Practitioners Conference, please see here.