Discretionary Will Trust

[dancecaller]

I am executor of a will made before it was possible to pass IHT allowances between husband and wife.
It includes a discretionary will trust. The nil rate band to go into a trust for wife and daughters.
Can this be removed if trustees agree? Is it a DIY job and if so where can I find links to procedure.
What qualifications should I look for in seeking professional help both in doing this and in deciding about it.

Are there any advantages in keeping it

[Peter Pedant]

....

ah two questions.... if there really is a discretionary will trust set up under the will and the testator is still alive then the trust only comes into effect on death and all you need do is re write the will -

if the person who wrote the will is dead, you are an executor of the will but you are also a trustee of the discretionary trust and would depend on the terms of the will ( and the trust )

It is obvious to me that you cant do this yourself. - [ why set up a trust where the nil rate band goes partially to the wife, who gets her portion tax free anyway - and would have done anyway when the will was written ? ]

go to any solicitor who specialises in wills trust and probate

[Misky]

I would advise using a Solicitor too. If the person who made the Will is dead and widow wants the money to go to her absolutely, the Trustees need to exercise overriding powers in the Trust to make the appointment to the survivor. These Wills were quite common for a little while and ideally would have been changed when the law changed re. Inheritance Tax, but a Solicitor will be the best person to create a document to ensure that no IHT is payable.. Good luck.

[Peter Pedant]

This is quite helpful
http://www.adviceguide.org.uk/wales/relationships_w/relationships_death_and_wills_e/dealing_with_the_financial_affairs_of_someone_who_has_died.htm

and says anyone administering a trust should get advice.

Actually thinking about it you may be obliged to under the Trustees Act 2000.

[dancecaller]

Yes I am executor and trustee.
The will was written just before the change in IHT allowing nil rates to be used by spouse.
It wasn't changed then as the BBC Money Box programme said 'no need to change it'.
But it really complicates applying for probate so I wish it had been. for a start there would be no £215 probate fee if it all went to wife. And the ownership of the house was changed so that a half share could go into the trust.

I don't know if we can change it (some of the beneficiaries are young and unborn children of the daughters).

[Peter Pedant]

well yes you could - with a deed of variation apparently
It

http://www.ts-p.co.uk/uploaded/publications/information_sheets/Inheritance_Tax/deeds_of_variation.PDF

it looks pretty horrendous.

I think it is obvious that the will you are administering was drawn up with the expectation that lawyers would be involved somehow

I think you are learning the hard way that testamemtary trusts 'may have had their day'.

I mean questions like: can I successfully issue a deed of variation altering a testamentary trust if there are as yet unborn beneficiaries ? is not really the stuff of Answerbank. [ altho I think the answer is no as all beneficiaries have to agree ]

[dancecaller]

Well no. But sometimes the answerbank people have specialist knowledge. (or claim it - though anyone would be foolish to take anyone's word for it without seeing their qualifications.
And discussing it with people who may have done something like it. and are not personally involved does help to clear my mind and mean that I know what I need to ask a professional. Simply thinking of a different term to enter in Google might be enough sometimes.

So no doubt I'll be posting more questions.