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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.
A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life interest trust. In a typical interest in possession trust, the life tenant receives all the income from the trust for the rest of his or her life. On the life tenant's death, the trust comes to an end, and the capital of the ...
Discretionary trusts are the most common trust method used in Australia, where the trustee is given complete direction as to how trust income is distributed to beneficiaries. [4] Family trusts are the typical discretionary trust, used to hold the personal or business assets of a family. [ 5 ]
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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 ...
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).
a discretionary trust where the trust fund is held by the trustees for the benefit of the injured party and potentially others at the discretion of the trustees. The trust may continue or be wound up when the injured party dies. a hybrid trust such as a flexible life interest combining features of the life and discretionary trust as desired.
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