A client of mine wishes to prepare a Will under which the property (which is in her sole name) passes to her children, but with a provision that her partner should be able to live in the property for as long as he wishes. I have advised that it is important that he does not acquire a life interest, otherwise it will amalgamate with his estate on his death for IHT purposes, meaning that it is assessed twice for IHT purposes (once when she dies and again when he dies). If I make a gift to the (minor) children of the residue, with a provision that he should be able to live in the property for as long as he wishes, or unless he marries, does anyone foresee any problems with such a clause and how would this affect her Residential Nil Rate Band (if it does).
Any guidance would be greatly appreciated.
Harold Bell & Co.