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Flexible wills
Q:
I am most grateful for Jennifer Lowe’s excellent and informative recent article “Beat Brown’s IHT” on www.whatinvestment.co.uk. My wife and I are thinking of reassessing our wills. We were wondering if the surviving spouse, as trustee of the Discretionary Trust, is allowed to change the named beneficiaries for any reason? For example, what if a beneficiary falls out of favour or predeceases the survivor? If the surviving spouse decides to add a new name as beneficiary to the trust, will a codicil or a letter of wishes cover this?
George Daniell, via e-mail
A:
This will depend on the terms of the trust established under the will. If, under the terms, the trustees are given power to add and/or exclude beneficiaries, then it will be possible for the surviving spouse to change the named beneficiaries.
If we are talking about a will that has not yet been drafted, then it will be possible when drafting it to include a power that allows the trustees to add and/or exclude beneficiaries. If, however, the will is already in existence and the trust is found to be insufficiently flexible, then it should still be possible to change its terms using a codicil, although it may be easier just to create a new will.
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