Trustees Discretion In Will

In the case of the distribution of the residuary estate which is comprised of all assets that the deceased owned including monetary assets, land and buildings, or vehicles that formed part of the estate less the gifts bequeathed to the grandchildren (under clause * and less any funeral expenses and expenses in relation to the administration of the estate under clause *, the same is covered by clause *.* which provides that the residuary estate goes to the wife Mrs Gursharan Kaur Nagi if she shall survive the testator ( which she has) absolutely meaning that the whole of the residuary estate belongs to the widow of the deceased under a life interest for the duration of her life In the event that Mrs Gursharan Kaur Nagi had predeceased Mr Gurbux Singh Nagi, then the residuary estate would be distributed as per clause *.* meaning that each of the sons, the daughter and daughter in law would get one quarter of the estate BUT ONLY IF Mrs Gursharan Kaur Nagi would not have attained a vested interest or would not have survived her late husband. However since Mrs Gursharan Kaur Nagi has survived the deceased by law and under the will Mrs Gursharan Kaur Nagi is entitled to a life interest in the residuary estate and she is therefore entitled to distribute the same under her will as she pleases or to liquidate the assets as she wishes. However it is only fair to give due respect to the wishes of the deceased and when making a new will regard should be given to the will of the late Mr Nagi. I am made to understand that Mrs Gursharan Kaur Nagi has indeed made a new will under which she has changed the mode of distribution entirely and indicated that a larger share of the Estate is to be given to the sons who survive while the daughter has been promised (or has been given one of the properties forming a part of the Estate) and the daughter in law (being yourself) has been apportioned a share of *% in comparison to the *% indicated under the will of the deceased. Perhaps it would be advisable to seek clarification as to how the current mode of distribution was arrived at. In the event that the Estate does not have sufficient funds to distribute so that the beneficiaries get an equal share I would assume that a valuation of the properties has been carried out and thereafter such property that is equivalent to the share that each beneficiary was entitled to has been (or will be) transferred accordingly. Please also note that upon transfer of any property while Mrs Gursharan Kaur Nagi is still alive which would be done under consideration of natural love and affection (since there is no consideration involved), stamp duty at the rate of *% on the value will be payable by the person to whom the property is to be transferred while Mrs Gursharan Kaur Nagi will pay capital gains tax at the rate of *% on the profit. If you leave the estate as it is and distribute it in the future in the event of the demise of Mrs Gursharan Kaur Nagi then you pay the nominal stamp duty on a transfer by assent under a will. The other option would be to sell the property to a third party and distribute the proceeds of sale to the beneficiaries accordingly. Also please note that clause *.* of the Will provides as follows "My Trustees may appropriate allot or apportion any money investment or other asset in satisfaction or in part satisfaction of any legacy share or interest in my Residuary Estate at such valuation and in such manner as my Trustees shall in their absolute discretion deem just without requiring the consent of any person entitled or interested beneficially in my Residuary Estate." - This clause serves to provide that the Trustees appointed under the Will may make use of any part of the estate as they deem fit to meet any one of the beneficiaries entitlement or interest without needing the consent of the said beneficiary entitled or interested to such portion. This clause could have played a part in the current mode of distribution under the Will of Mrs Gursharan Kaur Nagi to guide her in alloting various assets specifically rather than a share in the estate. this the advice given