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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 ...
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.
In the other case, Mr Mark Futter, the first claimant, settled two discretionary trusts, with himself and another as trustees, where he had a life interest and Mrs Futter, the defendant, had a reversionary life interest. The remainder would eventually go to their three children (the second to fourth defendants).
It is a trust that qualifies for the marital deduction, provided that the surviving spouse is given the income at least annually and the surviving spouse has a general power of appointment over the trust property remaining at his death. Most general powers of appointment are exercisable under a will. The holder of the power refers to the ...
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.
A Discounted Gift Trust (DGT) is a type of UK trust arrangement usually set up in connection with an investment in either an onshore or offshore investment bond (insurance bond). It allows the gifting of a lump sum into a trust whilst retaining a lifelong 'income' from that money (technically withdrawals of capital), with the overarching aim of ...
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The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries. It has marked similarities to asset-protection trusts found in several offshore jurisdictions and US Spendthrift trusts .