I have a question regarding a deed of variation entered into by the beneficiaries of an estate I am administering.
The property in question was the deceased’s residential property which was left to a lay beneficiary for 15 odd years and then to charities as remaindermen. The asset was administered and the beneficiary took possession and has derived rental income for the last 14 months from the property. The beneficiaries have now agreed a variation where the original will clause would be replaced to simply allow for a sale of the property with a distribution in various proportions to all the beneficiaries.
The problem I am having is that the deed was entered into 2 days before the 2 years runs out and I am receiving conflicting views on whether the rental income received by the beneficiary for the last 14 years is accountable to the estate or not. The solicitor (acting for the charities) who drafted the deed says no as he would have otherwise have made an express provision in the deed to state that the will should be read back to date of death if he intended on the rental income to be accounted for. He said it was his and the charities intention that the life tenant can keep the rental income.
I thought that nature of the deed of a variation was to be read back to date of death? Can anyone confirm what the correct position is and if they know any law to back any response?
Wellers Law Group LLP