I am dealing with a Will where the Life Tenant is the Testatrix’s child (23 years old). The trust contains a property which is now being sold. We have the ability to purchase a new property but there is not sufficient value in the property for the trust to purchase an onward property where the Life Tenant wishes to move to.
The Life Tenant would like to end the trust and have the funds appointed to her so that it does not impact her ability to purchase a new property with the assistance of a mortgage etc. , the Trustees are in agreement with this. However there are a couple of issues:
- There is no overriding power to appoint capital to the life tenant
- The remaindermen of the trust are the deceased’s “grandchildren” of which there are none (yet or maybe never will be) but failing that a charity.
Are there any options available here?
It appears that the overall intention of the Will was to provide the daughter (the life tenant) with a roof over her head for the rest of her life but that perhaps sufficient consideration was not given to the practicalities and costs of this.
Thanks in advance
Rachel