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Trusts in Practice. A Users Introduction

Bob Trunchion continues his series of articles examining how Trusts can be used in practice

1 March 1996

Trusts in Practice
A Users Introduction

Bob Trunchion continues his series of articles examining how Trusts can be used in practice.

In the previous two articles, the impossible was attempted - to introduce the subject of Trust Law in less than six pages! This article switches to see how Trusts can be used in practice.

The first type of Trust that needs some investigation are those called Interest In Possession Trusts. These may be set up during an individual's lifetime or may be set up through the provisions of their wills. They are trusts which have increasing uses but can be very restrictive unless the trust deed is drafted as effectively as possible.

The essential element is that one or more of the beneficiaries of the Trust (commonly called the life tenant) has the right to receive the income generated by the underlying assets of the Trust. Further, one or more beneficiaries (commonly called the remaindermen) has or hav...

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