My clients are married and she has a child, 33 from a previous relationship.
For this reason the clients do not want standard mirror wills but want some asset protection so we are going for an IPDI on her death- husband to have life interest and child as remainderman.
Simple so far.
Clients do not want to tie up 50% in the Life interest trust though and were thinking more along the lines of a 30-70% split, child -husband.
Question - rather than her saying in her Will “I Give all of my beneficial share and interest in my property…” to the Trust can she say “I Give 60% of my beneficial share and interest” to the trust, with the remaining 40% of her half share passing to her husband absolutely?
60% of her 50% share is of course 30% of the total property value and this is the split they wish to achieve.
Would this be possible?
Thanking you in advance