A Life Interest Trust (LIT), also known as an Interest in Possession Trust, is a document that names one or more beneficiaries to an estate and their entitlement to an income from assets held in trust over their life time. This person is known as the Life Tenant. If that asset is a house or property, then the Life Tenant is entitled to either the rental income on the property, if it is rented out,... 

Death is a fact of life, and when someone dies the deceased’s family naturally may wonder what will happen to his or her mortgage, car loan, credit card bills, unpaid income taxes and other debts. The simple answer is that debts become part of the deceased’s estate and typically should be paid before the remaining assets are distributed to the beneficiaries. Beyond that, debts after death... 

When writing a Will it is highly possible that there will be a gift to a minor contained within it, or the possibility of a minor inheriting under a per stirpes clause. It is worth considering what actually happens with such a gift and who should act as a trustee in such circumstances. Money can bring out the worst in people as Claire Sproston found out after discovering her father and stepmother had...