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Trusts and Preservation of Assets Glossary

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At Lambert Taylor & Gregory we aim to make seeing a solicitor as straightforward and stress-free as possible. With this in mind we have prepared a Trusts and Preservation of Assets glossary which explains some of the words and phrases commonly used or associated with Trusts and Preservation of Assets.

Asset Protection Trust
- A Lifetime Trust created to secure and protect your property and assets for your chosen beneficiary or beneficiaries.
Beneficiary
- A person or persons who will or may become entitled to the income and/or capital of the Trust.
Discretionary Trust
- A Trust in which the income/capital/assets of the Trust are held by the Trustees on behalf of a number of beneficiaries to be paid out to one or more of those beneficiaries at the Trustees discretion. No individual beneficiary has an automatic right to the income/capital/assets in the Trust.
Estate Planning Trust
- A Lifetime Trust designed to protect your estate/the assets placed in the Trust for the benefit of your beneficiary or beneficaries.
Life Interest Trust (Interest in Possession Trust)
- A Trust designed to give someone a limited life interest in a particular asset or Trust Fund. The person immediately benefiting from the Trust, "the Life Tenant", will be entitled to use the asset or entitled to receive the income generated by the Trust until such time as the life tenant dies. Thereafter, the asset or Trust Fund will pass to the ultimate beneficiary named in the Life Interest Trust.
Lifetime Trusts
- Trusts created during the lifetime of the Settlor which comes into force when the Trust is signed, dated and the assets transferred into it.
Protector
- Someone appointed by the Settlor to direct or guide the Trustee(s) in relation to the administration of the Trust (usually a close family friend or relative known to the Settlor), in the event the Settlor loses capacity to make their own decisions.
Settlor
- The person or persons who create the Trust and transfer assets into it.
Trustee
- A person or persons who look after and manage the Trust and the Trust assets until such time as the Trust is brought to an end (and sometimes close friends or family but often in conjunction with a trusted professional).
Will Trusts
- A Trust created in the Will of the deceased which comes into force on the date of death. of two persons who together watch the Testator sign his Will and then sign in his presence to validate the Will.
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