Thank you Malcolm. To clarify;
The Settlement is described as a “Life Interest Settlement” but the operative provisions provide: -
(a.) for the Trustees to appoint whole or any part of capital to any one of the Dsicretionary Class of Beneficairies;
(b.) In default of [a] for the Trustees to hold the Trust Fund and pay the income to the Life Tenants [being the original settlors];
(c.) In defualt of either a or b, for he children of the Settlors (or in the event of predecase their issue)
The Trust period is 125 years. It seems like a Relevant Property Trust but what is making me hesitant is the use of the words “Life Tenants” and the fact that in each document, both Settlors are named as “Life Tenants”.
The key point I am trying to clarify is, does the value of the Trust aggregate with the free estate of the Settlors?
Justin Wallace
Brewer Harding & Rowe