I am dealing with an estate (deceased passed away June 2021) where the Wills were made in 2004. They contained a NRB DT which the three Executors and Trustees have decided to wind up.
There is also a gift of the deceased’s share in the family home to her husband for life and then to their daughter on his death. The deceased’s husband (also an Executor and Trustee) and the deceased’s daughter (another of the Executor and Trustees) wish to bring to an end the life interest trust over the family home (they have considered the implications of this) so that the husband will own the whole property absolutely. The other Executor is in agreement too.
As the daughter is the capital beneficiary and she is an adult who is able to consent, is it possible to prepare a deed of variation in relation to the life interest? The clause relating to the gift of the family home is very brief and there are very limited powers in the Will.
many thanks in advance