IHTM20153 - Life Policies: trusts of life policies: policy settled on its own trusts: life interest in favour of a beneficiary other than the settlor

If

  • the only property settled is a policy on the life of the settlor, and
  • a beneficiary other than the settlor is given a life interest, and
  • there is no clear indication that the beneficiary is not to receive any income produced during the settlor바카라 사이트™s lifetime

the beneficiary should be regarded as having an interest in possession (IHTM16061) in the policy.

Under English law a beneficiary has an interest in possession in a policy if they have

  • a vested defeasible (IHTM16066) interest in possession, for example

    • an absolute interest in possession under a revocable appointment
    • an absolute interest in possession in default of the exercise of a power of appointment in favour of someone else

  • an absolute interest in possession defeasible if they fail to survive a given event or on the occurrence of a given event.

See examples at IHTM20154 (England, Wales and Northern Ireland) and IHTM20155 (Scotland).