Life Interest Trust and Deed of Variation

Trusts Discussion
1

I am dealing with an estate where the whole estate passes into a life interest trust. Wife is life tenant and 3 children are remainderman.

The LIT includes a farm which is used primarily by one son. Wife and children are in agreement and wishes to vary interest so this farm passes to one son.

Can this be done by Deed of Variation with agreement of all parties?

2

Yes, provided that the remaindermen’s interests vested on the death of the testator.

If they have to survive the wife then no if their children or remoter issue will take the deceased child’s share.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals