Will & life interest trust drafting

If, having been fully informed of the situation, the intended remaindermen decide not to take any action then, yes, as the will gives the widow both a life interest and the immediate right to capital, the interests will merge to enable her to take the property freed from the trusts.

The beneficiaries will need to be made aware of the concerns over the potential drafting error and should usually be advised to take their own legal advice before deciding upon the course of action to adopt.

Should the beneficiaries not be unanimous on the way forward, it open to any of them to pursue an application for rectification, if considered appropriate, not just the executor.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals