I am dealing with the will of the deceased, which is still within 2 years of his death. He left a life interest to his widow who survived him by 6 months and that was followed by a discretionary trust with a wide range of potential beneficiaries.
The trustees then appointed a revocable life interest in a property to beneficiary A and the family would now like to release the property to him, but there would now be a part exit charge. S144 IHTA does not apply because off the prior life interest.
However if they now appoint the property subject to the life interest to A to adult beneficiaries, can A and those beneficiaries, with the trustees, effect a Deed of Variation under s142 IHTA to vary the will to provide that, subject to the widow’s life interest, the property goes to A absolutely and so avoid an exit charge by overriding the discretionary trust in relation to that property?
M J Consultants