Can you clarify what tax I may need to pay if I buy my stepchildren out later in life? House ownership: Widow is considering whether to buy out her stepchildren (stock image)Heather Rogers replies: I am sorry to hear about your husband's death. The trust in your late husband's will is what is known as a 'property life interest trust'. However, there are times when a property life interest trust is not so practical. The second way to deal with an unwanted property life interest trust is for the trust to be terminated in the normal manner via a trustee resolution and appointment.