What are the potential consequences (tax and otherwise) of a widow giving up her right of interest in a very simple life interest in the family home? Husband died 9 years ago. Or can she sell and downsize?
The Will clause is pretty basic
I GIVE all my estate or interest in my freehold dwelling house known as xxxxxxxxxxxxxxxxxxxxxx or other the principal house or flat in which I shall normally be resident at the date of my death free of mortgage unto my wife xxxxxxxxxxxxxxxxxxx for her life she paying all rates taxes and other outgoings and keeping the same in good repair (fair wear and tear excepted) and insured against loss or damage by fire to the full value thereof as my Trustees shall approve and from and after her death I GIVE the same to my Trustees upon trust to divide the same into ten equal parts and to hold the same as follows:xxxxxxxx