Will and Discretionary Trust of APR/BPR assets

I’m looking for some guidance as to the wording of a Will clause providing for a discretionary trust of APR/BPR assets where the assets are likely to change from the time of drafting the Will to the time of death. For example, where the client has multiple business interests and has a habit of buying into and selling interests in businesses. I’m cautious about using wording such as “any assets which may qualify for relief…”. Is it too risky to use “my interest in any business or businesses as the case may be which I may own at the date of my death…” Thereby relying on assets not qualifying for the relief to be appointed out to the surviving spouse.

Anna Stephenson
Swinburne Maddison LLP

If you cannot specify the business, and to avoid the problems that arise using a formula linked to BRP/APR assets, I would be inclined to use discretionary trust for residue.

Simon Northcott