Dealing with Life Interest Trusts
Life Interest trusts are very popular particularly in Wills for married couples and Civil Partners but they do present challenges both in drafting and administering. This session will consider the effect of the drafting of such trusts and looks at the sorts of powers that are commonly included.
Trustees usually have the power to terminate the life interest early and the session continues when this might be appropriate and the IHT and CGT consequences of doing so.
It then goes on to consider the ongoing income tax and CGT treatment of such trusts. It also looks at the difficult problems trustees can face when a trustee has lost capacity.
Learning Objectives:
- On the advantages and disadvantages of such a trust
- The IHT and CGT effects of overriding the life interest
- The ongoing income tax and CGT treatment of such trusts
- On what to do if a trustee loses capacity
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Your CPD Certificate can be found in your Account.
Professor Lesley King
Professional Development Consultant • University of Law
Author of Wills, Taxation and Administration: A Practical Guide; A Modern Approach to Wills, Administration and Estate Planning (with Precedents); A Modern Approach to Lifetime Tax Planning for Private Clients (with Precedents); A Practitioner’s Guide to Wills; Varying the Disposition of an Estate after Death; Wills: A Practical Guide; and editor of The Probate Practitioner’s Handbook.
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