I have been asked to draft a Will containing an trust of income for a spouse for life but restricted to a max of £100,000.00 with any income over that amount going to children for life. I have found a precedent for two life tenants but there is no restriction on what each life tenant receives.
The income is to be generated by shares in a private company. It would be easier just to apportion the shares between the two sets of beneficiaries but then of course there would be no guarantee that the allotted shares would generate sufficient for the spouse. I am worried that any restriction would be inconsistent the spouses right to income.
Any pointers would be appreciated.
Phoenix Legal Group