H and W are tenants in common of their property. They are making wills so that the surviving spouse is given a life interest in their half share of their property with kids as remaindermen. Residue passes to spouse and then kids. The property is subject to a mortgage. I am unsure as to whether this means that the trust property will be subject to the whole mortgage, part of it or none of it. I suppose it would be preferable for it to only be subject to one half or ideally none (in the event that the survivor needs residential care). can anybody offer any thoughts regarding this or alternatively please would you suggest a precedent? There is some cash in the residuary estate but not enough to be able to discharge the mortgage.
Joanne Ball Solicitor