There is now a balace to be struck in deciding whether to utilise a nil rate band discretionary trust contained in a Will or to rely instead on the transferable nil rate band. There are still advantages to using an Nil Rate Band Discretionary Trust which are considered briefly below.
In many cases the introduction of the transferable nil rate band will mean that no special attention needs to be given to creating a nil rate band legacy, or a nil rate band discretionary trust (an NRB Trust). There are still some advantages to the Nil Rate Band Trust in particular which should not be overlooked.
The NRB trust is still an effective means of shielding assets from the local authority charge in respect of residential care for the elderly. A legacy to the children may be simply what the testator wishes to do.
The cost for a couple is £595 including vat. This includes the severance of tenancy if required.