I have another Deed of Variation query if users wouldn’t mind providing their views…
the Will says “I GIVE my freehold farm and lands… unto my Trustees UPON TRUST to sell call in and convert the same into money with power to postpone the sale thereof and TO HOLD the net sale proceeds of sale thereof and the net rents and profits until sale UPON TRUST for my said wife during her lifetime and from and after her death UPON TRUST for my children who shall be living at the death of my said wife in equal shares absolutely PROVIDED should any of my children have predeceased my wife leaving issue then such issue shall take equally”
The Will was signed in 1975 and there are no additional Trust administration clauses.
The deceased has three adult children, all of whom wish to convert the outright gift on wife’s death into a Discretionary Trust as one of the children actively runs a farming business and lives in the farmhouse and they want to recognise that he has added value to the Trust Assets more than the others.
However, has anyone yet attained a vested interest in order to sign a Variation given that the class of beneficiary crystallises on wife’s death?.. unless all grandchildren signed the Will as well but then the class doesn’t necessarily end with that generation either?
Swayne Johnson Solicitors