Apologies in advance if there is an obvious answer to this…
I am advising the trustees in respect of a right to reside clause which is poorly drafted. The pertinent bits are:
I GIVE to my Trustees my freehold house [address] (the Property)…to hold upon the following trusts:-
(1) during the lifetime of my wife to allow her to live free of rent but subject to the payment of outgoings etc…
(2) my Trustees may at the request of my wife sell the Property and apply the proceeds of sale towards the purchase of another residence for occupation by her thereupon the new property shall be held upon the trusts of this gift
(3) after the death of my wife my Trustees shall hold such property upon trust for [remaindermen] etc…
The trustees have agreed with the wife to sell, and purchase a new property (for her to live in).
The new property is less valuable than the current one and there will be surplus proceeds.
What happens to the surplus proceeds?
Your thoughts are very welcome!