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Could you be more precise?

Shared from Tax Insider: Could you be more precise?
By Mark McLaughlin, May 2022

Mark McLaughlin warns that imprecise wording in wills can result in disputes and unexpected results, including for inheritance tax purposes. 

Most people prefer to avoid thinking about their own demise. This is understandable but it can result in poorly drafted wills (or even worse, no wills at all), causing potential disputes about what has been inherited and by whom. 

Confusion over legacies in wills can be caused (among other things) by a lack of clarity over the deceased’s intended use of the inheritance tax (IHT) nil rate band.  

Too generous? 

For example, in the case of married couples (or civil partners), the transferable nil rate band (TNRB) rules broadly allow claims for unused nil rate band of a deceased spouse (or civil partner) to be transferred to the survivor. The availability of a TNRB from an earlier spouse’s death can cause problems

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