(1). Description B is the correct answer.
The remainderman is the person who receives the trust property on the death of the life tenant. The remainderman’s interest is known as a ‘reversionary interest’.
(2). Statement A is false.
A trust with an immediate post-death interest can only be created on death. The assets transferred to the trust will have been part of the deceased’s estate for the purposes of IHT.
Statement B is true.
(3). On the transfer of property from a relevant property trust to a beneficiary there will be an IHT exit charge payable by the trustees of up to 6% of the value of the assets.