Flexible Life Interest Trust

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Flexible Life Interest Trust

Estate Safeguarding: Flexible Lifetime Trust

A Flexible Lifetime Interest Trust (FLIT) serves as a valuable tool in safeguarding your estate.

The primary characteristic of a FLIT lies in its capacity to shield the assets that you choose to place within the trust, which may encompass your property, as well as other assets registered solely in your name.

In this trust arrangement, you designate an individual to enjoy the benefits of the trust throughout their lifetime, while also preserving the asset’s capital for your selected beneficiaries after the life tenant’s passing.

The person you appoint to receive the life interest is commonly referred to as the ‘life tenant.’ They will derive advantages from any income generated by the asset during their lifetime, including rights to property occupancy, rental income, and interest from financial accounts. The capital of the asset will subsequently pass to the beneficiaries after the life tenant passes.

Utilising a FLIT can be an effective means of diminishing the value of your estate for inheritance tax purposes.

What advantages can you expect from this form of trust?

  • Life interest trusts provide a strategic approach to potentially shield assets from being utilised for covering long-term care expenses.
  • Your assets receive protection from your own financial challenges and potential future divorce or separation proceedings.
  • By placing assets into a trust, they are officially vested in the names of your chosen trustees.
  • The trust format effectively safeguards assets for the benefit of future generations.
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