Drafting Trusts and Will Trusts; A Modern Approach

Drafting Trusts and Will Trusts explains the issues involved in drafting trusts and will trusts. It offers an extensive selection of precedents to suit a wide range of trust requirements, and helps ensure practitioners can make the best tax planning judgments through the use of the correct trust. The new 10th edition covers: • Accumulations and Perpetuities Act 2009 • Finance Acts 2009 & 2010 • New chapter on Family Limited Partnerships • New chapter on Trusts of Pension Death Benefits It also includes: • Discussion of recent HMRC guidance on transferable NRBs and new IHT forms • Review of recent case law including HMRC v Clay (deductibility from income of trustees' management expenses), C v C (whether interest in discretionary trust is financial resource on divorce), Martin v Trigg (negligence in will drafting and taxation of index linked element in nil rate band trusts), Sammut v Manzi (interpreted of "per stripes" in clause in will) • Discussion of impact for drafting of Human Fertilisation and Embryology Act 2008 Table of Contents: Chapter 1: The Raid on Trusts Chapter 2: First Principles Chapter 3: Style Chapter 4: Principles of Interpreting Trust Documents Chapter 5: Beneficiaries Chapter 6: Trustees Chapter 7: Trustees’ Powers Chapter 8: Trust Property Chapter 9: The Rule Against Perpetuities and Accumulations Chapter 10: General Provisions of a Trust Chapter 11: Drafting Overriding Powers (Appointment, Re-settlement and Advancement) Chapter 12: Exercising Overriding Powers Chapter 13: Settlor Exclusion and Default Clauses Chapter 14: Lifetime Interest in Possession Trusts Chapter 15: Discretionary Trusts Chapter 16: Provisions Inconsistent with IP and IHT Special Trusts Chapter 17: Types of Will Trusts Chapter 18: Will Drafting after the FA 2008 Chapter 19: Administration of Nil Rate Band Trusts Chapter 20: Wills and Care Fee Planning Chapter 21: Administrative Provisions Chapter 22: Bare Trusts Chapter 23: Trusts of Life Insurance Policies Chapter 24: Trusts of Pension Death Benefits Chapter 25: Charitable Trusts Chapter 26: Trusts of Damages Chapter 27: Trusts for Disabled Beneficiaries Chapter 28: Governing Law, Place of Administration and Jurisdiction Clauses Chapter 29: Restricting Rights of Beneficiaries Chapter 30: Execution of Wills and Trust Documents Chapter 31: Appointment and Retirement of Trustees Chapter 32: Indemnities for Trustees Chapter 33: Family Limited Partnerships Precedents for Lifetime Trusts Precedents for Will Trusts Precedent for Administrative Provisions NRB discretionary trusts: supplemental documentation Retirement and appointment of trustees Appendix 1: STEP Standard Provisions Appendix 2: Annotated Biography Appendix 3: Useful Websites Appendix 4: NRB debt and charge arrangements: tax analysis Appendix 5: Tax on payment of index linked nil rate sum Appendix 6: Share of house in trust: CGT Private Residence Relief Appendix 7: Definitions of “Disabled Person† Appendix 8: Notes on the Translation of Will Precedents into Welsh