What are the different types of Trust which can be included in my Will?

There are many different types of trusts that can be included in a will all which do different things.

Here are the different types of Trust’s and what they are able to do:

Life Interest Trust / Interest in Possession Trust

The first type is what we would call a Life Interest or an Interest in Possession Trust. These types of trust are where a beneficiary is given the right to receive income for the rest of their life or it gives them the right to be able to live in a property for the rest of their life. So, while ever they’re receiving income or living in a property it remains in trust. The person who makes the Will is able to decide when that person’s right to the income or right to live in the property comes to an end.

Discretionary Trust

The other main type of trust is called a Discretionary Trust. Under a Discretionary Trust, the Trustees are usually the Executors that you’ve appointed in the Will. The Trustees have the discretion on who can benefit from the trust assets and when. The reasons why you might want to consider a Discretionary Trust is if you were concerned about the Beneficiary. They might be going through a divorce, they might not be very good with money or they might have a disability. A Discretionary Trust is there to offer a level of protection for the Beneficiary.

Here is a video recorded by Joint Head of Wills, Probate & Trusts, Stephen Coates:

Our Wills, Probate & Trusts team are always here to answer any questions or queries you may have in regards to Trusts. Our teams can be reached by calling 01302 341 414 or by filling out our online enquiry form!

Here is some other information which you may find beneficial:

• Trusts – Different types of Trusts 
• Identifying the different types of Wills