I am struggling to find a suitable way of drafting a life interest clause over property in mirror wills for Mr & Mrs whereby when the life interest of the survivor comes to an end the property is sold and one child receives a specified amount from the sale proceeds with the other children sharing the remainder.
So on the below example the event at 5.3.1. is only to come into play on the second death. I had thought that the interest as a whole could pass into the residue but the surviving spouse receives a share of the residue so that doesn’t seem to make sense unless of course the surviving spouse has passed away which is why they are no longer entitled to live in the house, but again this doesn’t provide for them bringing the life interest to an end and making a PET.
5.3 When my Wife has ceased to be entitled to live in the House my Trustees shall hold my Interest as follows:-
5.3.1 the sum of £XX,XXX is to be paid to my step daughter NAME
5.3.2 the remainder is to be divided as follows:-
(a) as to 50% to my daughter [NAME]
(b) as to 25% to my daughter [NAME]
Not sure if I am coming at this from the wrong angle. Any guidance / thoughts would be much appreciated.
Many thanks