I own a farm along with my two brothers. One of my brothers has two children, a son and a daughter, and we have all decided we want the farm to go to the son. His sister is quite happy about this since we have paid for her education. How can we name him sole beneficiary of the property, not just in our wills?
You and your brothers can jointly sign a deed of settlement in which your respective shares in the property are put into trust for your nephew, with you and your brothers retaining life interests. However trusts of this type can give rise to an immediate inheritance tax charge and there can also be capital gains tax issues, so you should take professional advice about this.