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IOU Discretionary Will Trust
For unmarried heterosexual couples and same sex partners who are not civil partners - If you and your partner are collectively worth over £325,000 ('Nil Rate Band' at 2010/11) and would like to save up to £130,000 in Inheritance Tax once both of you have passed away then you may wish to include in both Wills an IOU Discretionary Will Trust.
The testator/settlor may leave a letter of wishes with the trustees explaining why the trust was created and how the beneficiaries should be treated.
Learn more about Fixed Fee Trusts with our Trust FAQs.
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