I am seeking help from members. We are administering an estate where the Deceased left his entire estate to a discretionary trust. The estate included his beneficial interest in the family home held as tenant in common with his wife and the Trustees want to appoint this to the spouse on an IPDI. Can anyone point me in the right direction for a precedent that deals specifically with a beneficial interest, as none of those I have seem appropriate.
Gail Weston
WMB LAW SOLICITORS
Just describe it as his [50]% beneficial interest in [the property] [freehold/leasehold ] with registered title no. [ ]
Andrew Goodman
Osborne Clarke LLP
I think you may struggle to find a precedent that deals specifically with appointing a life interest in a beneficial property interest. I would just use any of the usual precedents for giving a life interest and just tailor the definition so that you are giving a life interest in part of the trust fund (you could call this the ‘the Specified Fund’). I would define the Specified Fund in the recitals referring to the deceased’s interest in the property. As long as it is clear which asset the life interest is being giving in, it does not matter what you call it. You could also do it the other way round by appointing the whole Trust Fund out on a life interest except for the assets you wish to remain on a discretionary basis - you could use a schedule to list these.
Camilla Bishop
DMH Stallard
Many thanks to you both for responding. That’s really helpful.
Gail Weston
WMB LAW SOLICITORS