Right of Occupation/Deed of Variation

Appreciate any help on the following issue:

Wife passed away just over a year ago and left her share of the property with a right of occupation to her husband. There is a power to purchase a substituted property upon the same terms . The property share passes to daughter when he ceases to live there. No right to appoint/advance capital. H has limited cash assets therefore, and with daughter’s agreement, wishes for the trust to end and property transferred into his sole name to explore equity release as he wishes to stay in the property. Would a Deed of Variation be possible in this case to read back into the will as if it passed absolutely?

Provided that the daughter’s interest is vested, and not dependent upon her being alive when the father’s interest terminates, then they should be able to do as suggested.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals