Mark advised the beneficiary of a Life Interest Trust created by her late husband’s Will. Mark prepared a Deed of Variation providing for her life interest in the farmland to pass to her children. The Deed was drafted to maximise and secure the Agricultural Property Relief currently available, in case the land ceases to qualify for the relief by the time of the beneficiary’s death.
Mark also gave advice about the implications of passing land directly to the children and a possible variation of the deceased’s share in the house to make full use of the Residence Nil-Rate Band. Mark also reviewed the client’s own Will. Mark had the support from Sue Lister in our Agriculture and Rural Affairs department in registering all the unregistered land and buildings owned by the deceased.