Sarah writes “Dear Tony,
I apologise for not getting in touch sooner. I’ve been so busy preparing for Christmas and organising Daddy’s funeral that I haven’t managed to visit the bank or contact the trustees of Daddy’s will. He’s given me a remainder interest in his entire estate (Mummy is to receive the income for the rest of her life), but I would much prefer the money to go into my own trust for the children. I’m touched by Daddy’s generosity, but I have plenty of money of my own. He was rather ‘old school’ and never did seem to grasp how financially successful his daughter had become!
So, in order to progress things, I wish to formally record in this letter that I am transferring to you and Deborah ownership of my gold coin collection and my remainder interest from my father’s estate".
The bit I am stuck on is whether Sarah can transfer the remainder interest given by her father and put it in trust for the children. What happens to the mother's income? Can't get my head around this one. Any help please.
Trusts help wanted watch
- Thread Starter
- 14-12-2010 23:48
- 14-12-2010 23:54
Yes, a remainder interest can be held on trust
Mother's income isn't affected because its hers not Sarah's