pre 2008 will

[dedalus]

Hi,

A mirror will was drafted in 2005 pre nil band transfer being available. My parents believe that
it leaves the estate to each other.

The will states that:

"I appoint my husband....and my son.... to be the executors and Trustees
of this my will".

"I give devise and bequeth all my property both real and personal
whatsoever and wheresoever ("my property) to my trustees UPON EXPRESS TRUST
to sell call in and convert the same into money with the statuory power
to postpone sale being exercisable at their DISCRETION UPON TRUST for my husband.........
absolutely but if he shall die before attaining an absolute vested interest in my residuary
estate then the same shall be held UPON TRUST for my said son.......

Now my questions are:

a) can the nil band rate transfer still be used or do these pre gordon brown nil band rate spouse transfers wills need to be changed?
I know the above wording was used in wills pre 2008 to avoid iht between couples if i am not wrong.

b) does this will prevent iht being levies on the estate or not?

c) my parents wish to leave things to each other. Does this will alow that under the current legislation?

Many thanks

[pawncob]

Legislation doesn't change the intent of wills. The nil rate band is available to any spousal mirror will.

[dedalus]

Legislation doesn't change the intent of wills. The nil rate band is available to any spousal mirror will.

Yes but if the estate is left to a spouse and son in trust for the remaining spouse which the above seems to state wouldn't the
amount that is given to the son be taken out of the 325k available to dead spouse?

Thanks

[pawncob]

It's an "either or" position.
Either the spouse is alive at death of parent or he/she's dead, in which case the estate passes to the son. It can't be shared between them.