This seems a very complicated way of doing things. What was your husband trying to achieve? Are you the only beneficiary? What is the total value of the estate, although bear in mind that there is no inheritance tax between husband and wife in any event?
Did you get the lifetime income from the trust with someone else getting the remainder thereafter .
It would help if you could let me have a copy of the will
The will was drawn up before unused exemptions were able to be passed onto spouses, on the 2nd death IHT would have been due. We tried to change it before he died but were advised not to.
We owned the house as tenants in common and the total value of the estate was £253,608. The house was valued at £315,000 for probate.
I have inserted a copy of the will, if there are any pages missing (4 pages) or if you can't read it, please get back to me and I'll try again or summarise it. Thanks
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It appears thatthe beneficiaries are you and your children whereas in your initial post you say that everythingexcept exempt transfers is in a trust for your benefit. Can you please clarify?
Will the childrenagree to this?
Sorry. Para 4.8 states that I'm to be regarded as having greatest claim, and the children are all in agreement that I may have any benefits. The trust will have no income as it comprises part of the value of the house. (I have not registered a charge with the land registry yet.). My will is a mirror and all my assets are split equally between my 3 (adult) children.
That actually is notwhat clause 4.8 says. You must read it literally. It in poses no obligations onthe trustees and merely expresses a wish. The wish is not binding on thetrustees and they are free to do what they like.
BUT, regardless ofwhat the trustees want, provided all the beneficiaries are over 18 and theyagree what is to happen, ( that the trust comes to an end and you geteverything), then you get the whole proceeds of the estate, (which will givethe benefit of spouse exemption), all the beneficiaries need to execute thedeed of variation (that is the two-year time limit) whereby bequests to themunder the discretionary trust are varied so that they go to you. The deeds ofvariation affects of the original will as though it were written in completelydifferent terms.
This is the rulein an old case called Saunders v Vautier. If however one beneficiary does notagree that puts an end to any variation.
There is nostandard form. It is a case of drafting each deed individually and advisingeach beneficiary who is asked to sign one, to take independent legal advice onit. It is not really a do it yourself job.
Can I helpfurther? Please bear with today because I will be off-line.
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