Legal advice for trusts in Leicester
This is another type of living trust and is a tool to put monies away for things such as university fees. With the Pilot Trust, you can lock away money for your children until a specified age. It can also can be used for IHT Mitigation. Your maximum nil rate band can be £325,000.
NIL RATE BAND DISCRETIONARY TRUST
The Nil Rate Band Discretionary Trust is rarely used nowadays. After the changes in rules made in 2006, a spouse can automatically transfer their nil rate bands. However, this can still be effective for unmarried partners to get access to 2 nil rate bands and can be used for IHT mitigation.
RIGHT TO OCCUPY TRUST
The Right to Occupy Trust is just to state that the deceased person would like a person to remain in the main residence or any other residence for a certain number of months or years before it can be distributed as an inheritance. For example, if Mr and Mrs have one of their sons living with them at the time of death, their son who is living with them cannot be forced out of the house for the time specified with the help of the Right to Occupy Trust.
This way they will not be homeless and would have adequate time to make the necessary living arrangements. The time specified in these trusts can be from 6 months up to how many ever years you wish.
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