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Interest in Possession Trusts

This type of trust exists when a beneficiary, known in this case as an income beneficiary, has a current legal right to the income from the trust as it arises. The trustees must pass all of the income received, less any trustees' expenses and tax, to the beneficiary.

A beneficiary who is entitled to the income of the trust for life is known as a life tenant or as having a life interest.

The income beneficiary need not, and often does not, have any rights over the capital of such a trust. Normally, the capital will pass to a different beneficiary, or beneficiaries, at a specific time in the future or after a specific future event. Depending on the terms of the trust, the trustees might have the power to pay capital to a beneficiary even though that beneficiary only has a right to receive income.

A beneficiary who is entitled to the trust capital is known as the remainderman or the capital beneficiary.

Learn more about Fixed Fee Trusts with our Trust FAQs.

Call us today on 01234 35 80 80 to speak to a member of our qualified team.