I would be grateful for your thoughts on the following scenario.
Deceased left a life interest in her solely owned property to her partner, R. The property is subject to two equity release mortgages, which are racking up interest currently of £25 per day. The remainderman is the deceased’s son, O.
R is executor/trustee of the Will, with one co-executor/trustee. R initially agreed that the property should be sold because of the deceasing equity, but has not been very cooperative in liaising with the estate agents. O thinks R is being deliberately uncooperative because he does not want to move. There is currently enough equity for R to be rehoused, albeit in a smaller property.
The life interest clause contains a provision that the property cannot be sold during R’s lifetime without his express written consent.
R is of an age that it is possible he could still be living in the property when the equity is completely exhausted.
Does the express provision in the life interest clause override R’s duty as trustee to balance his interest against that of the remainderman?
Parry Law Solicitors