Hi all,
How are people responding to the 3rd Edition re the removal of the power to appropriate at date of death value? is the general consensus to now include this in the will as a specific clause?
Well, I cannot speak for the rest of the profession. My personal view for what it’s worth is that appropriation at the time-of-appropriation value is more proper than appropriation at date-of-death value.
I agree with the original poster in that our firm propose to use STEP 3rd edition, but also specifically including para 22 of the STEP 2nd edition with regards to the power to appropriate at death value. I think the removal of this provision restricts the trustees powers. The previous powers were not compulsory, in that the trustees could decide whether to appropriate at death value or not. Therefore, the trustees could take into account all the circumstances and exercise the powers if appropriate.