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Lawry
Lawry, Solicitor
Category: Property Law
Satisfied Customers: 255
Experience:  Expert
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Simple question regarding Life Tenant Trust. Property was

Customer Question

Simple question regarding Life Tenant Trust.
Property was owned as Tenants in Common, my late husband left his 50% share to his daughters naming me as the Life tenant. Myself and one other person are trustees, my questions is now the property is sold, can I use the trust share to buy a property outside the UK, still protecting the trust assets via title deeds and my own will.
Both trustees are in agreement with me moving to a better climate for health reasons.
The will also contains the clause:
"The property trustees shall be entitled to have regard solely to the interests of the Life Tenant and to disregard all other interests or potential interest under my will."
Thank you for any assistance in this matter.
JA: What steps has the tenant taken so far? Has he prepared or filed any paperwork?
Customer: The bungalow is sold STC, my husband passed away 9 years ago and probate was completed. I now wish to move.
JA: Has he talked to a lawyer about this?
Customer: No, just wanted clarification if I can purchase a property in a better climate ex, Spain
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Don't think so
Submitted: 14 days ago.
Category: Property Law
Customer: replied 14 days ago.
Cannot use the app as I don't have an iphone or ipad.
Expert:  Lawry replied 14 days ago.

Hi,

My name is ***** ***** I will try and help you today.

Yes you can..

Under the terms of a life interest trust, the survivor will be able to agree with the trustees to move to a different house if required.

The trustees have the power to both sell and purchase property and this would, again, be in the joint names of themselves and the surviving spouse.

Depending on the terms of the trust, any surplus resulting from the sale of the property belonging to the trust can either be invested to generate income for the surviving spouse or, at that point, can be paid out to the remaindermen.

Customer: replied 14 days ago.
Thank you! .... One other quick question .... Is the value of the the trust property determined at the time of death in 2012 or on the sale date June 2021?
Expert:  Lawry replied 14 days ago.

Date of sale,

Customer: replied 14 days ago.
Thank you :)
Expert:  Lawry replied 13 days ago.

You are welcome.