1. MARTIN FOREMAN (as executor of the estate of Michael Cowan and as trustee of the Business Property Trust and the Residuary Trust in the Will of Michael Cowan dated 24 March 2016 (the 'Will') and as trustee of the Michael Cowan Foundation (the 'Foundation') 2. FARRER & CO TRUST COMPANY (as trustee of the Business Property Trust and the Residuary Trust in the Will) 3. JAMES TRAFFORD AND JAMES BEAZLEY (as trustees of the Foundation) 4. BRYONY COVE (as executor of the estate of Michael Cowan)
The appellant appealed from an order of Mostyn J by which he refused her permission pursuant to s4 of the Inheritance (Provision for Family and Dependants) Act 1975 (the 1975 Act) to bring an application out of time for reasonable financial provision out of the estate of her late husband (the deceased), who had died in 2016 leaving an estate of £29m. By his will the deceased left all his business assets qualifying for 100% business property relief on a discretionary trust (the business property trust) for a class of beneficiaries (the discretionary beneficiaries) including the appellant, and the residue of his estate on trust for the appellant for life, but subject to overriding powers of appointment in favour of the discretionary beneficiaries (the residuary trust). In a letter of wishes the will trustees were requested to regard the appellant as the principal beneficiary of a substantial part of the business property trust, and of the whole of the residuary trust.