Drafting Will Trusts - A Boxset of 6 Essential Modules

Introduction

Presented by Rebecca Roscoe, this boxset for private client professionals will look at key concepts and provide practical advice surrounding drafting will trusts.

The boxset will be delivered from an E&W legal perspective but will be of interest to international lawyers who prepare UK compliant wills.

What You Will Learn

This webinar boxset will cover the following:

Module 1 - Key Aspects of Trusts

Before considering the different trust types, this module will focus on the key aspects of trusts.

This module will cover:

• The key roles: testators, trustees, and beneficiaries
• Creating a valid trust in a will
• In the will itself or a separate document?

Module 2 - Contingent Interest Trusts

As one of the most common types of trust, this module will consider trusts where there is a condition or event which needs to be satisfied before the interest vests.

This module will focus on:

• Different contingencies
• What works and what doesn’t?
• Provisos if the contingency fails
• Effect on administrative provisions
• Implications on the residence nil rate band

Module 3 - Interest in Possession Trusts

Interest in possession trusts in wills take many different forms ranging from the basic right of occupation to a full flexible life interest and are often used as effective method of asset protection.

This module will consider:

• Different ‘types’ of interest in possession
• What assets should the IIP be over?
• Should you include termination events?
• Using overriding powers of appointment
• Hidden dangers?

Module 4 - Discretionary Trusts

The ultimate flexible friend, the discretionary trust is sometimes dismissed due to high tax charges and loss of the residence nil rate band.

This module will consider the use of discretionary trusts covering:

• Types of discretionary trust (NRB, 2 year, full)
• Using discretionary trusts for different assets
• Resurgence on the nil rate band trust
• Using DT’s an alternative to an IIP?

Module 5 - Taxation

When considering the inclusion of any will trust it is vital to consider the taxation implications both in terms of inheritance tax, income, and capital gains tax.

It is also necessary to consider any impact on the nil rate band, residence nil rate band and their ability to be transferred.

This module will cover:

• An overview of trust taxation
• Inheritance tax during and closing the trust
• Income tax
• Capital gains tax

Module 6 - Post Death - Running the Trust

Following the testator’s death, consideration is often given to retaining the trust or bringing it to an end.

This module will consider:

• When to bring the trust to an end
• Tax considerations
• Powers of the trustees
• Pros and cons of retaining the trust

This webinar was recorded on 5th May 2022