The following Private Client Q&A Produced in partnership with Paul Davies of Clarke Willmott provides comprehensive and up to date legal information covering:
This depends on the wording of the Will. In all likelihood, the Will simply said that, subject to the life tenant’s interest, the trust fund would pass to the remainderman. In that case, the remainderman’s reversionary interest in the estate has vested in them and, assuming they have not disposed of it during their life, it forms part of the remainderman’s estate on their death. The remainder interest is intangible property and can be dealt with in the same way as any other intangible asset. The remainderman’s personal representatives will deal with the reversionary interest as with any other intangible asset comprised in the estate. In all likelihood, it will be assigned to the beneficiary or beneficiaries of the remainderman’s residuary estate. Notice of the assignment should be given to the trustees of the life interes
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