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Hi Rosemary, you are correct in that the current law states that a husband and wife have a joint tax free Estate of £650.000, so the common discretionary trusts put in place previously are no longer a requirement to enable this tax fee amount t be fully utilised (in simple terms, the first £650,000 of yours and your late Husband's Estate is not taxable, and only any sums left by you exceeding this amount is taxable at 40%). So, although there is nothing you can do to amend your late Husband's Will, the Trustees could decide to distribute any monies held in the trust to you now. It would be wise for you to discuss matters with a local Wills Solicitor if you have any concerns or queries concerning what the best thing to do would be. I hope this assists and sets out the legal position. Kind Regards Al
Hi Rosemary, thanks. No, the tax free amount of £650,000 won't increase, unless they decide to increase it in the Budget! Kind Regards Al