Without having thought this through in any detail, if the IFA business is a corporate entity (or could be morphed into one), could not a number of the wishes of the testator be achieved by creating various classes of shares and distributing these by Will – for example, income could be provided by way of Preference shares held in a life interest trust for the spouse and daughter and the equity stake by way of non-voting non-participating equity shares to be held in trust for the spouse for life – both trusts having the other two donees as remaindermen.
Paul Storrie
Storrie & Company