Single, Widowed and Unmarried
The CTT Group recommended solutions for single, widowed or unmarried partners is quite simple but effective utilising the many benefits of discretionary trusts. The planning remains the same regardless of the value of the estates. As there is no opportunity to claim spousal exemption from Inheritance tax, we do not recommend the use of Interest in possession trusts for these type of clients. Depending on the asset types however you may want to consider the use of further trusts, most notably Business or Agricultural trusts, Pension Death Benefit trusts and Life Assurance trusts.
Please see the video below and the explanation sheets to understand the planning. The trust names differ if you are using pilot trusts or trusts within the will but they are equally effective to achieve the desired results.