I am advising a client who created a declaration of trust with her husband in 2011, over their jointly owned home. This provided that they held the property as tenants in common in equal shares, but on death of one of them, the survivor could remain living in the property, and require the trustees to use sale proceeds of the property to purchase a replacement property. Surplus proceeds would pass to the estate of deceased husband and my client equally.
Husband died in 2016 and client is wishing to move home, using most of the sale proceeds of the property to do so.
I think the provisions go further than a bare trust as the trustees must use the sale proceeds for the benefit of the survivor if they require this.
If this is not a bare trust presumably it would fall under the relevant property tax regime. Would the 10 year anniversary date from 2011, or 2016?