People often ask whether an estate will ‘go to Probate’, although many are unclear exactly what this means. A Grant of Probate (or Letters of Administration if there is no Will) authorises the Executor to administer the estate by collecting in...
This is a basic Trust in which a beneficiary has an absolute right to the capital and income from the trust assets. Those assets are held by a trustee for the benefit of the beneficiary.
Somebody who benefits under the terms of a Trust.
A Trust in which the trustees have discretion as to which of the potential beneficiaries they benefit.
The duty of acting for the benefit of another party, eg. the relationship between trustee and beneficiary.
Interest in Possession Trust
Another name for a Life Interest Trust.
Life Interest Trust
A Trust which allows the life tenant beneficiary to enjoy trust assets and/or income from them during their lifetime. After the life tenant dies, the assets pass to other beneficiaries (the remainder beneficiaries).
Someone who establishes a Trust.
The transfer of assets to trustees who hold those assets for the benefit of others. Can be made in your lifetime by a Trust Deed or to take effect after your death in your Will or under the rules of intestacy.
A person who holds or administers property or assets for the benefit of a third party.