clause in a will

[dionaeamuscipula]

Yeah, and what happens if the currency is replaced by the Euro. There will be no more pounds sterling and everyone's wills will fail and no-one will get any inheritance.GS

In the event of our currency changing there will be legislation governing how monetary sums in existing documents will be handled, just like there was at the point of decimalisation.

DM

[Lootman]

Someone I know had a will with a reference to NRB with the intention to minimise a potential IHT bill. It made no reference to NRB inherited from spouse and no reference to the family home allowance (as it was drafted before such allowances even existed) with the result that there was a large IHT bill likely. The will was updated. I'd encourage people to regularly review and update their will to avoid such unintended consequences.

Yes, your personal effective NRB can be anything between zero and a million. Plus the value of any assets exempt from IHT. Any clause in a will needs to allow for that.