Historically trusts and settlements were employed only by those in the wealthiest echelons of society. With increased home ownership trusts are increasingly being used by those of relatively modest wealth. This seminar aims to provide an over-view of common scenarios in which the average private client practitioner might be asked to advise his or her client in respect of trusts, highlighting some of the pitfalls and cautioning against some of the more robust claims that are sometimes made.
As part of the seminar materials delegates will receive a precedent of the following:
- A bare trust designed as a repository for a personal injury award;
- A lifetime flexible interest in possession trust; and
- A discretionary will trust.
The basic features of each type of trust will be outlined and then some of the more common (non tax) uses of each type of trust are examined. In particular the following four contexts are considered:
Personal Injury Trusts
– The anomalous personal injury trust disregard; and
– Some observations on creating, drafting and running Personal Injury Trusts.
Trusts and Care Fees
– The application of notional and actual capital (and income) rules to flexible IP and discretionary trusts; and
– Divesting into trusts versus absolute ownership (with right of residence or life estate).
Discretionary Will Trusts and providing for disabled and/or vulnerable beneficiaries
-The Private Estate versus Public State dilemma – providing for the disabled beneficiary in a ‘benefits efficient’ manner -is a discretionary trust ‘reasonable financial provision’ for a disabled dependent /child?
Trusts and Divorce
– The powers of the family courts in respect of trusts -the myth of the anti-alimony trust;
– Equitable property;
– What is a ‘resource’ as found in the Matrimonial Causes (NI) Order 1978;
– Ante and post nuptial trusts;
– Drafting considerations;
– The role of the trustees; and
– Letters of wishes.
The focus throughout is on legal rather than tax principles.
The Speaker: Sheena Grattan: is a practising barrister. She specialises in estates and trusts issues, both contentious and non-contentious. She was formerly a Senior Lecturer at QUB, is the author of numerous texts and articles including Succession Law in Northern Ireland and Drafting Trusts and Will Trusts in Northern Ireland (with James Kessler QC). She is also the examiner of both legal components for the STEP NI Diploma and is currently chair of the Northern Ireland branch of STEP.
Price: £120.00 + VAT (£24) Date: Thursday 14 May 2020
Location: Lecture Room 3, Riddell Hall, Queens University, 1.30pm – 5.00pm
185 Stranmillis Road, Belfast, BT9 5EE
Accreditation: 3 CPD Points
Please contact Anna Harkness, Blue Sky Training Ltd if you have any queries: