My clients wish to create a flexible life interest trust into which their respective share of the family home will pass. The surviving spouse is the life tenant and their children/grandchildren are the remaindermen. In the event of the family home being sold, they want the surviving spouse to be entitled to both income and capital from the sale proceeds.
My initial thoughts are that two trust arrangements will be required in the will: the first dealing with the life interest over the property and the second giving the trustees powers of advancement dealing with the capital being paid to the life tenant.
On that basis, would the requirements for the RNRB be met?
Katie Kenealy
RDP Law