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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 ...
This page was last edited on 28 January 2024, at 00:14 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
Life estate, [1] a concept used in common and statutory law to designate the ownership of land for the duration of a person's life Demonstrative legacy, a gift of a specific sum of money with a direction that is to be paid out of a particular fund
Rules governing nonprobate transfers, such as joint bank accounts, life insurance policies, and transfer-on-death (TOD) securities: 7 Trust Administration: Provisions governing management of trusts; fiduciary duties of trustees. The provisions of Article 7 have been superseded by the Uniform Trust Code.
Key takeaways. If your life insurance beneficiary dies before you, the payout may go to a contingent beneficiary or your estate, depending on how you set up the policy.
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.
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