I have an old Will with a very basic life interest trust. It says little more than:
‘I give [property] to my Trustees to hold for [wife] for life’
There are some conditions (she must pay expenses, outgoings etc…). Other than that, there is nothing regarding the operation of this trust.
What powers do the trustees have if, say, the wife needs to move out - can they let out the property? Sell it? Replace it? What happens to the sale proceeds?
My instincts are telling me that they have no powers to dispose of the property (subject to any agreements between all beneficiaries).