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Deed of variation
Q:
If husband and wife hold a property in joint tenancy, can the survivor enter into a deed of arrangement giving part of the property to their children? Or does this only apply to a tenancy in common passing by will rather than survivorship?
DM Weston, London
A:
Leonie Kerswill replies:
You seem to appreciate that within two years of death it is possible, with the agreement of the various interested parties, to vary the terms of a will (or the intestacy provisions) or disclaim a benefit, and for this to take effect as if the deceased had made the variation.
The ability to do this might not appear to apply to property held as joint tenants because ownership passes, in this case, by survivorship rather than under the terms of any will.
However, as the variation provisions cover any dispositions made within two years of a person’s death – whether they arise under the will, intestacy law or otherwise – you will be pleased to learn that it may be possible for the survivor to enter into a deed of variation in respect of the property subject to the joint tenancy and to give part of it to their children.
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The limitations of nominees
8 August 2008 [0 comments]Q:
Having read various pieces in your magazine at different times regarding the merits and demerits of certificated and nominee share dealing, it seems to me that certain advantages of holding certificates have been missed.
Indeed, I recently attended an Alliance Trust Roadshow and sat on a ‘shareholder club’ discussion group, where I was amazed to find, among a fairly sophisticated bunch of investors, such a lack of appreciation as to the shareholder rights one loses with a nominee account.
As an extra thread, I also recently attended the AGM of an investment trust in Edinburgh. As a trustee to my grandchildren’s funds, my name was missing from the list at reception. I was told that I was welcome to the meeting as long as I didn’t participate in the voting.
I was further informed that had I informed the plan managers of the trusts beforehand, I could have voted. It occurred to me that nominee shareholders may well find that if they feel strongly about an issue, they might be able to exercise their voting rights in a similar way. I would be interested in your panel’s thoughts on this subject.
Bev Wilkinson
via email
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