Hi Everyone
I think I am just having one of those mad moments which I would appreciate everyones assistance with.
I have residuary clause which says as follows:
My Trustees shall all such residuary property (hereinafter called ‘my residuary estate’:
a) Upon trust for my said wife xxxx during her lifetime
b) Subject thereto upon Trust for my said daughters A and B as shall survive me if more than 1 in equals shares (and then to their kids etc)
My Trustees being at least 2 in number may at any time during my wife’s life raise or pay to her for her own absolute use and benefit the whole or any part of the capital of the part or parts of my estate in which she for the time being enjoys a life interest In exercising the powers conferred by this clause my Trustees shall be entitled to have regard to solely my wife’s interest and to disregard all other interest or potential interests under my Will.
Next clause- just advises not a mutual Will.
Next clause - says section 33 of the Wills Act 1837 shall not apply.
STEP Standard provisions - 2nd edition to apply.
There is no letter of wishes to be read with the Will.
I am reading this to essentially be a Will including a flexible Life Interest to the wife (Life Tenant) over everything that falls into the residuary estate - which is half the house (owned as TIC), Shares, investments, Bank Accounts etc and that the 2 daughters are essentially the remainderman.
Everything passes tax free to the wife (bar a couple of pecuniary legacies to grandkids that will eat into the Deceased NRB but only accounts for about £20k) and that when wife dies - the remainding % of NRB can be claimed and the TRNRB can be claimed as the children are a direct descendant of the Deceased.
Am I on the right lines here?
Thanks