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In 1948, the grandparents of my client set up a marriage settlement for their daughter and then prospective husband putting a property (worth about £3,000) into the trust for them to live in after their marriage. The terms of the trust were that the husband and wife were to be allowed to live in the property for their lives, with the remainder to any children of the marriage in equal shares.
In 1948 the grandparents of my client set up a marriage settlement for their daughter and then prospective husband putting a property (worth about £3 000) into the trust for them to live in after their marriage. The terms of the trust were that the husband and wife were to be allowed to live in the property for their lives with the remainder to any children of the marriage in equal shares.
In 1992 the husband died and the wife sold the house moving into a replacement property. The wife our client's mother is now in her 80s and my client is considering the inheritance tax implications of the trust as it seems that the mother has an interest in possession in the trust. The mother pays all of the outgoings relating to the property.
On the death of...
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