Understanding Trust Structures
The three parties to a trust, the difference between bare and discretionary trusts, why life assurance in trust avoids IHT, and the charges on discretionary trusts.
Understanding Trust Structures
Trusts are legal arrangements that separate the legal ownership (trustee) from the beneficial ownership (beneficiary).
True or false?
Trusts are legal arrangements that separate the legal ownership (trustee) from the beneficial ownership (beneficiary)
What the exam tests
The three parties to a trust, the difference between bare and discretionary trusts, why life assurance in trust avoids IHT, and the charges on discretionary trusts.
True or false?
The three parties to a trust, the difference between bare and discretionary trusts, why life assurance in trust avoids IHT, and the charges on discretionary trusts
Additional notes
Which term matches: "Creates the trust and transfers assets into it"
What does "Trustee" mean?
Match each term in "Additional notes" to its meaning
Tap a term, then tap its matching definition.
Fill in the blank
______ — Beneficial owner; entitled to benefit from the trust