Hi,
I have a couple who own their home as tenants in common.
They wish to each leave their share of the home to their respective children from their first marriages.
Husband originally lived in Australia and may well return there, thus exercising his right to sell the family home and re-investing into a property there (him owning half and half held on trust for the deceased wife’s children). Wife thinks this would be difficult to manage and wants to restrict this.
Can the clause be amended so as to restrict any future purchases and the right to reinvest to U.K. properties only?
There is no reason the power to invest in property cannot be geographically restricted.
Mindful of the difference in succession law for immovable property in England & Wales and Scotland, and the current push for another independence referendum, in the case in question I wonder if there could be sense in restricting the power to invest in real property to just England & Wales.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals