Deed of variation consideration release of life interest

Trusts Discussion
1

I have an estate where the deceased’s partner is given a life interest in the house which will incur IHT and the children are the remaindermen. It will incur IHT for a second time when the partner dies.

Is it possible by deed of variation for the partner to give up his life interest in exchange for, say a 10% outright interest in the house, or would that be consideration?

2

Consideration in this context does not include a different interest in the estate. So if the life interest is given up for a part interest in the house there will be no problem provided the house itself is an asset of the estate

Jack Harper

3

Thank you, the house is an asset of the estate