Our client’s husband has recently died, with a will that leaves all his assets to her. The estate consists of a joint tenancy property with wife (which of course passes by survivorship anyway) worth around 800k and not much else.
Wife would like to vary the will to leave a percentage of the property to her children (she is young, so the gifted share of property may well increase beyond the NRB eaten up by the gift). Estate likely to be significantly larger at her death as she is in her early 50s in good health.
Can the will be varied to leave, say, half the property to her children and the joint tenancy severed at the same time?
I understand that a retrospective severance can be effected in certain circumstances, but am unsure about both of these actions together being valid. Is the issue here that the variation(s) is creating an occasion that but for the variation would be a GROB and therefore not permitted?
Georgina Crane Sinha