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DOV on discretionary will trust
Bobziz
Posts: 720 Forumite
Is it possible to vary a discretionary will trust, which currently puts all assets into trust, to exclude £150k of residential property value which is then given to 3 direct descendants, in order to enable use of the RNRB ?
Many thanks in advance.
Many thanks in advance.
0
Comments
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xylophone found this for you.See https://www.thepfs.org/learning-index/articles/the-correct-use-of-deeds-of-variation/82865
The agreement of the beneficiaries
The variation must be signed by all the people who would lose out because of the variation. If these include children or unborn beneficiaries, then the approval of the Court will be needed - the parent’s signature on behalf of a child is not sufficient. It would also follow that if the legacy under the will is to a discretionary trust then, unless all the beneficiaries of the trust are over 18 and ascertained, no variation will be possible without the Court’s approval. The trustees of the trust have no power to effect a variation.0
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