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Making sure your property passes as you choose, with a life interest trust Creating a will with a life interest trust over your property allows you to ensure that your home passes to those you choose, whilst also allowing you to provide for another loved one during their lifetime. ‘Life interest trust wills are particularly popular with couples who have children from previous relationships, such as those in second (or third) marriages. <strong>The</strong>y can also be useful to couples who have married later in life having already established independent lifestyles, and those with dependent siblings or elderly parents. What exactly is a life interest trust? A life interest trust is an arrangement whereby your will provides for one beneciary during their lifetime but, once that person passes away, your assets are transferred over to someone of your choosing, rather than in accordance with your lifetime beneciary’s wishes. A life interest trust can be created in respect of your entire estate, or in relation to only one (or several) specic assets. For example, if you have children from an earlier relationship and a property that you purchased before meeting your current partner, you might be keen to ensure that your children ultimately benet from your home whilst being happy for your partner to receive the rest of your estate. As the name suggests, a life interest trust typically remains in place for the remaining life of your initial beneciary. You can, however, create a life interest trust for a set period, such as ve years, or until a certain event occurs. Benets of a life interest trust Life interest trusts afford you greater control over the distribution of your estate. If you want to ensure that your partner has access to your assets during their lifetime, you could simply leave your estate to them absolutely. However, you also give away total control of those assets. When your partner passes away, they could leave their estate, including the assets they inherited from you, to someone else entirely. Trusting your partner to adhere to your wishes might not be enough. <strong>The</strong>re are circumstances in which their estate could pass without their own control, such as if they were to die intestate. If your partner marries after having received your estate, that marriage would typically revoke any will they made previously, meaning they could be left intestate without even realising. Aside from the effects of intestacy, life interest trusts are a useful tool in protecting your assets from the bankruptcy or divorce of beneciaries. If you leave assets directly to someone who later becomes bankrupt, or who later divorces, those assets would be deemed their own for the purpose of bankruptcy or divorce proceedings. It may be your lifetime beneciary who you have concerns about in this regard, or it could be those you intend to leave your assets to ultimately. For example, if one of your children is going through a divorce, any assets held for their benet in a life interest trust cannot be considered as part of the proceedings. Some life interest trusts are created not to save assets for children, or other loved ones, but to protect vulnerable beneciaries. You might want to leave your estate to a sibling who is unable to manage their own nances independently, or who is in receipt of means tested benets. Placing your estate in a life interest trust, with that person as the lifetime beneciary, allows the trustees to provide for their needs, without that person having to manage the money or risk losing their benets. Disadvantages of a life interest trust Any trust arrangement does, by its nature, require a greater level of administration. Trusts can also attract complex tax rules. It is always important that your trustees ensure they are complying with all the legal and tax requirements of your trust arrangement. For example, the trust must be registered with HMRC. With this in mind, it is equally important that you ensure you appoint suitable trustees. Before making a will with a life interest trust, you should always seek professional advice as to the various tax and compliance implications. Similarly, if you are the trustee of a life interest trust, you should seek advice to ensure that you are always acting within your remit. Contact Warners Solicitors on 01732 747900 to nd out more about how they can help you plan for your family’s future. www.warners-solicitors.co.uk <strong>The</strong> contents of this article are for the purposes of general awareness only. <strong>The</strong>y do not purport to constitute legal or professional advice. <strong>The</strong> law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice.
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Taste of the South East
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19 Contents 4 FRESH FROM THE VINE J
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Countryfied fine dining in London
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Chef’s table Meet The Stile Bridg
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Chef’s table Meet Daniel Lee - Ex
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Paley Farm Paley Farm is true farm
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Your Tastebuds Travel Let froooom o
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T he Dysart Petersham is a family o
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at Goodnestone Park on Sunday 28 Au
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Tatste of the South East Supplement
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The Bell in Ticehurst Bliss at the
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the coolest way to travel Kent “A
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Denbies Vineyard Restaurant & Wine
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PEPPERBOX INN Terrace garden & Indo
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Beauty The other day a beauty edito
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Jasmine Homecare Services Caring fo
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Residential Care Home for the Elder
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Wellbeing Into the Blue Sarah Maxwe
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Wellbeing opportunities to push our
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Nourish to Flourish Wellbeing Nutri
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Garden Boxing Clever Sue Whigham vi
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nearby church the following morning
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with wonderful shiny rounded leaves
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Pick of the Crops Jo Arnell explain
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fly, which is a low flying insect,
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make chutney, but fermenting is bet
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What’s On in August jurassic adve
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Would you recommend your wealth man