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Such a life interest trust is the most common example of an interest in possession trust. In the United Kingdom, the 10-yearly inheritance tax charge may be payable on assets transferred into this type of trust on or after 22 March 2006. [2] In the example of a life interest trust, the interest in possession ends when the income beneficiary dies.
Where a fixed trust gives the trustee no discretion, and a discretionary trust (a "trust power") gives the trustee discretion and requires him to exercise it, powers go a step further. A "mere power", while not a trust obligation, grants the holder of the power the ability to exercise it, but without any requirement to do so.
A life interest [1] (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life ...
discretionary vs non-discretionary assets under management A discretionary investment account is one in which your broker can make trades independently, or at their own discretion, without seeking ...
A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries. The trustee who oversees the trust can use their discretion in determining when and how ...
Image source: Getty Images. 1. You don't have to go through the probate process. When it's time for a will to be executed, it goes through a process called "probate." During probate, a court ...
A personal injury trust is a legal term of art in the modern English law of trusts and is also applicable, where relevant, to Wales, Scotland and Northern Ireland.. A personal injury trust is a form of trust, a legally binding arrangement, in which funds are held by persons, called trustees, for the benefit of others upon the terms of a document, called a trust deed.
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