Interest in Possession (IIP) Trusts | Expert Legal Advice

Protecting your wealth for the future

A Interest in Possession Trust entitles a beneficiary (also known as a life tenant) to receive income only during their life, preserving the capital for other intended beneficiaries after the death of the life tenant. At Nelsons, we have an expert team of Trust solicitors in Derby, Leicester and Nottingham who can assist with the creation of a Interest in Possession Trust.

How we can help

We can assist you in setting up a Interest in Possession Trust in your Will or through Intestacy so that:

Your spouse receives the income from your estate.
There is no inheritance tax to pay if you die before your spouse.
The capital passes to your beneficiaries after your spouse’s death.
The life interest can be flexible so that your Trustees can pass capital to your spouse or other beneficiaries as they think appropriate.

We can also advise in the following circumstances where a Interest in Possession Trust can be used:

In second marriages for the benefit of children from an earlier relationship.
To preserve Capital Gains Tax relief on a property that you live in (Principal Private Residence Relief).
To pass capital assets to the life tenant (or other specified beneficiary) to provide for future changes in circumstances.

Why choose Nelsons?

Recognised expertise – Our team comprises skilled solicitors with extensive experience in Trust creation and administration and are recommended by the independently-researched publication, The Legal 500.
Personalised and holistic service – We tailor our services to meet the unique requirements of each client. Our team also works closely with our independent financial advisers and we can also advise on Wills, Probate, Personal Tax or on inheritance disputes.

Testimonials…

"Nelsons Solicitors Limited has an extensive offering, with practitioners having experience of trust administration, Court of Protection work, investment management, wills and probate..."
The Legal 500
"The legal work has been excellent and on time. A major difference between Nelsons and other major law firms we have dealt with is that they focus on a personal touch. Knowing they are there and can check up on any changes we need to make on legal issues is comforting."
The Legal 500 2023
"Nelsons...acts on matters ranging from wills and estates, lifetime and tax planning, asset protection and care fee planning, through to trust structuring, with a focus on high net-worth individuals and those with international assets."
The Legal 500 2023
"Key strengths and capabilities in my opinion are: – the ability to visit clients at home which reduced anxiety for our family – professionals who are knowledgeable, approachable and respectful..."
Referee feedback provided to The Legal 500 2024
"...– Clear and accurate information regarding the processes involved – Efficient delivery of paperwork, etc."
Referee feedback provided to The Legal 500 2024 (Continued)

Need assistance with setting up a Interest in Possession Trust? Contact us

If you need advice or guidance with the creation of a Trust, please contact us on 0800 024 1976 or via our online form to discuss how our specialist team can assist you.