Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
Could you explain a little about the background to your question please
Who will benefit from the Trust?
How much above the limit are you - would taking the Policy out solve the problem?
In that case I shall opt out and transfer this to the correct section - there may be nuances I am not aware of!
I am a solicitor in Scotland. There are various types of trust that could be set up and you could transfer assets into the trust. However, the general thread that would run through a trust mechanism is that you would have to survive seven years to ensure that inheritance tax was not due from your estate on your death. In addition to that certain types of trust would result in you having to pay a certain amount of IHT before you does and a balance would be due after your death. From the information you have given, unless you survive seven years from the date that the property is placed in trust I don't think there is a solution for you. You can have a look at this link if you haven't already: https://www.gov.uk/trusts-taxes/trusts-and-inheritance-tax
I've thought about this but really don't see a way round it where you're not provided for a wife or children. You can pay by leaving a positive rating on the system and the site will credit me for my time. Thank you for using JustAnswer.