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?
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
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
Complex families often come with complex requirements to meet their long-term goals, and matters can be made more difficult when each testator has separate goals or concerns in mind. These goals usually revolve around the inheritance the children are to ultimately receive and when they receive it, and it certain cases, if they inherit at … Read moreIPDI vs FLIT
Flexible Life Interest Trust Due to more complex estates and greater wealth, greater flexibility is essential to cope with any future changes to the family structure (such as new family members) and changes in the tax regime. The best way to gain the maximum flexibility is by the use of a Flexible Life Interest Trust … Read moreFlexible Life Interest Trust