Divorce & Family
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Life Interest Trusts are rising in popularity in the UK. Many people worry about protecting their assets for their children in the event they pass away. It also to consider if your spouse should remarry after your death. The answer could be a Life Interest Trust.
If you and your partner each have children from previous relationships you may be wondering how best to protect everyone. You may wish to protect your share of the joint assets for your own children and with your partner. Then provide for any additional children or potential new spouse separately. If you have children from a previous relationship, your assets may amalgamate with those of your new spouse. In this instance, your children may lose out in the event of your death.
A Life Interest Trust provides peace of mind in these situations.
A Life Interest Trust is a mechanism within a will. You choose certain assets or all assets depending on your circumstances, to be placed into a trust. The trust is for the benefit of the ‘life tenant’ or chosen individual. The Life Interest Trust is available during their lifetime or for another prescribed period you specify. Ultimately these assets are being protected and ring-fenced for the true beneficiaries once the Life Tenant’s period of entitlement has come to an end.
You could protect your assets for your children by placing them into the trust of which the children are the ultimate beneficiaries. A Life Interest Trust also gives your spouse the right to use those assets as necessary during their lifetime to make sure they are financially looked after.
Once your spouse’s entitlement to the Trust has ended, those assets would then pass to the ultimate beneficiaries – i.e. you children. This would happen irrespective of any terms of your spouse’s will or any claim by their new partner or subsequent children.
Contact one of our experienced solicitors today on 01270 625478 to discuss a Life Interest Trust.
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