I am not sure if I am reading too much into this situation but wondered if anyone can confirm whether if it is possible to use s 142 IHTA 1984 to bring to an end a life interest trust in a Will by preparation of a deed of variation. The trust is in relation to the family home only.
The deceased passed away recently and spouse and adult child who is the only beneficiary mentioned as entitled to the capital on the death of the survivor want to bring the trust to an end.
They both want simplicity and as the Will was made in 2004 the surviving spouse cannot remember why he and his wife decided to create these in their Wills. I have explained the reasons why they may have made these decisions but they seem very keen on getting rid of this.
I would not want this to be considered a PET by the surviving spouse.
Any thoughts much appreciated.