[Wotsap-dev] NUMBER ONE Success System

[Tommy Lee]

http://www.noss123.com/

In the United Kingdom, five main types of trust have developed:

   - *Interest in possession trust.* Interest in possession trusts
   (sometimes called "life interest trusts") are often created as part of wills
   and are structured in such a way that the surviving spouse, or "life
   tenant", will have a right to receive an income for the rest of his or her
   life, or for a fixed period at least.


   - *Accumulation and Maintenance trust.* "A&M" trusts arose in the
   1970s because of changes to UK tax law. They exist for young beneficiaries
   and give the trustees discretion to pay money for their benefit. Until
   recently they have enjoyed special tax treatment, but the Finance Act 2006
   changed this.


   - *Discretionary trust.* Trustees of a discretionary trust can often
   choose the beneficiaries, based on a "class" specified by the settlor.
   Alternatively, they may have a fixed group of beneficiaries to choose from,
   but they can decide which beneficiaries (if any) are to benefit and to what
   extent, so long as the decision is based on the beneficiaries' best
   interests.


   - *Bare trust.* Where there is a bare trust, the trustees can deal
   with the property as usual but the beneficiaries have an absolute right to
   demand any or all of the property at any time. The trustees are therefore
   mere agents of the beneficiaries. In the USA the term *simple
trust*is used (see below).


   - *Charitable trust.* Charitable trusts have a unique position in
   English law. They have special tax advantages, they do not have to end after
   a certain period of time (unlike other types of trusts), they will not be
   void if their objects are uncertain. They encourage charitable giving.
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