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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10274
Experience:  Barrister 17 years experience
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I have a question regarding a will which we are the beneficiaries

Resolved Question:

I have a question regarding a will which we are the beneficiaries of, however, with the caveat of a life interest clause. The asset is a property. Below I have stated a clause which causes me concern. Does this clause allow the trustee to sell the house and give all the money to the life tenant, even if the life tenant owns her own house as is financially sound?"transfer or raise and pay the same to or for the absolute use or benefit of the Life Tenant or raise and pay or apply the same for the advancement or otherwise for the benefit of the Life Tenant in such a manner as the Property Trustees shall in their absolute discretion think fit"
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1 This clause does not really answer your question. It is a standard Will Trust clause giving maximum discretion to the trustees as to how they will apply the trust assets and how they may be dealt with. However, ther eis a general principle of law that trustees in the exercise of their discretion must hold the balance between the life tenant and the remaindermen.
Expert:  Buachaill replied 1 year ago.
2. This principle that the trustees must hold the balance between the life interest and the remaindermen means that any decision or exercise of discretion by the trustees to roll up the assets of the trust and to apply the assets of the trust solely for the benefit of the life interest is subject to review by a court.
Expert:  Buachaill replied 1 year ago.
3. A trustee will be considered to have failed to maintain the balance between the beneficiaries holding the remainder interest and the beneficiary holding the life interest if they pay over monies constituting all the assets of the trust to a life interest beneficiary who is financially secure in life, as you suggest here.
Expert:  Buachaill replied 1 year ago.
4. The decision of the trustees to apply the monies absolutely to the benefit of the life interest beneficiary can thus be set aside and challenged by the other remainder beneficiaries as being an ultra vires exercise of discretion by the trustees leading to the setting aside of this exercise of discretion and the potential removal of the trustees and their replacement.
Customer: replied 1 year ago.
Thank you for the excellent response, I will use you again. This answers my question
Expert:  Buachaill replied 1 year ago.
5. Please RATE the Answer as otherwise your Expert receives no part of the monies you have paid the website, so there is no incentive to answer any further questions.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10274
Experience: Barrister 17 years experience
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