At WillPack we get a large number of technical queries from our partners. This means the team is often looking into very varied and interesting areas of law. In this new feature of the newsletter we will focus on some our more unique queries and pass that knowledge on to you! This week, we will … Read moreLegal Corner: How do Anniversary and Exit Charges apply to a FLIT?
In last week’s article we covered what a Bereaved Minor’s Trust is and its requirements. This week we will cover a similar trust, a Bereaved Young Person’s Trust also known as an 18-25 trust. This is another commonly used trust in wills that would arise if a gift is made to the testator’s own children … Read moreBereaved Young Person’s Trusts
A Bereaved Minor’s Trust is one of the most common trusts that will arise from a will. It is a trust that will arise if a gift is made to the testator’s own children with an age condition of 18. It will ensure that the children can be provided for whilst they are minors but … Read moreBereaved Minor’s Trusts – what are they and how do they work?
Many queries we deal with at WillPack concern tax. Often, we are asked what can be done when drafting the Will to mitigate tax. This article will deal with the issue of tax from a slightly different perspective, setting out the tax consequences of a Property Protection Trust (PPT) once the testator has died and … Read moreHow is a Property Protection Trust (PPT) Taxed?
What is a disabled persons trust? A disabled persons trust (also known as a disabled discretionary trust and a vulnerable persons trust) is trust used to benefit a disabled beneficiary. The trust will name a principal beneficiary and whilst they are alive, the trustees will apply both the income and capital of the trust for … Read moreReasons to use a Disabled Persons Trust
What are Protective Property Trusts? Protective Property Trusts (PPTs) are one of the most widely used trusts in wills today. The trust will usually take the deceased’s share in their main residence and give another person known as the life tenant (usually a surviving spouse or civil partner) a life interest in the property. This … Read moreReasons to Use Protective Property Trusts
What is a Discretionary Trust? A discretionary trust is a trust under which the trustees have a power to use the trust assets for the benefit of any of the named beneficiaries as they see fit. No beneficiary has any right to any of the assets in the trust, they only have a chance that … Read moreReasons to use a Discretionary Trust
What is a FLIT? A Flexible Life Interest Trust (FLIT) is essentially a mixture between a life interest trust and a discretionary trust. The trust will name a life tenant and other discretionary beneficiaries. Whilst the life tenant, who is usually the testator’s surviving spouse or civil partner, is alive they are entitled to all … Read moreReasons to use a FLIT
A letter of wishes is simply a non-binding letter, stored with the will, that states certain desires of the client. They have a variety of different uses. This article is intended to show what clients could be doing with letters of wishes, and how WillPack can assist with this. Letters of Wishes for Trusts Letters … Read moreLetters of Wishes—What WillPack can do for you
Ever since the Residential Nil Rate Band (RNRB) was announced, one of our most common queries has been how it relates to Flexible Life Interest Trusts (FLITs). What are FLITs FLITs are essentially a life interest for a person (usually the surviving spouse), with an underlying discretionary trust that will arise when the surviving spouse … Read moreFlexible Life Interest Trusts and the Residential Nil Rate Band