I have 2 clients - Husband (H) & Wife (W); who own their home with the wife’s sister (S) - in case it makes any difference S is divorced.
The property is held as tenants in common in the proportions 25%, 25% & 50% by H, W & S respectively.
Both H & W have individual estates well under the NRB.
H & W have 2 children (as does S).
One of the aims is to leave the property so that all surviving co-owners can reside in the property rent free
and cannot be evicted etc and that their respective children will “receive” their share on the final death of H, W & S.
A life interest trust does not work due to S.
Options I am looking into are:
- NRB discretionary Trust
- Fixed Interest Trust
Beneficiaries to include surviving spouse & sister (in law) and H &W’s children.
Any thoughts on which is best or any other ideas?
Thank you in advance.