Trust for a disabled person—discretionary


Published by a ½Û×ÓÊÓƵ Private Client expert
Precedents

Trust for a disabled person—discretionary


Published by a ½Û×ÓÊÓƵ Private Client expert

Precedents
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This Trust is made on [date]

Parties

  1. 1

    [Settlor] of [address] (the Settlor) and

  1. 2

    [original trustees] of [addresses] (the Original Trustees)

Background

    1. (A)

      The Settlor wishes to make this Trust and has transferred to the Original Trustees the assets described in Schedule 1 to be held on the following trusts.

    1. (B)

      The Principal Beneficiary is a disabled person within the meaning of that term in the Finance Act 2005, Schedule 1A.

This Deed PROVIDES:

    1. 1

      Definitions and interpretation

      In this Trust:

      1. 1.1

        Discretionary Beneficiaries

        1. •

          means

          1. (a)

            any spouse or [widower OR widow] whether or not remarried of the Principal Beneficiary;

          2. (b)

            the descendants of the Principal Beneficiary;

          3. (c)

            the spouses, widows or widowers (whether or not remarried) of the descendants of the Principal Beneficiary;

      1. 1.2

        Principal Beneficiary

        1. •

          means [disabled person];

      1. 1.3

        spouse

        1. •

          shall include a civil partner registered under the Civil Partnership Act 2004 and a spouse of the same sex, and a person is a surviving spouse whether or not they have remarried or entered into another civil partnership and widow and widower shall be construed accordingly;

      1. 1.4

        Specified Amount

        1. •

          means an amount which does not exceed the annual limit defined in section 89(3A) of the Inheritance Tax Act 1984;

      1. 1.5

        Trust

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Trust definition
What does Trust mean?

An equitable obligation (ie a duty imposed by the law of equity), binding the trustee to deal with property over which he has control (the trust property), for the benefit of persons (the beneficiaries), of whom the trustee may be one, and any one of whom may enforce the obligation.

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