The Wealth Preservation Trust (WPT) is a ‘life
interest trust’. When you protect your assets with a WPT you grant yourself a
life interest in the trust and the settlor is known as the ‘principle
beneficiary’. This means that you have
the right to reside in any trust property (which may be your matrimonial home
or normal residence) or you are entitled to the income if the trust fund
consists of cash or investments. After your death, the WPT becomes a
‘discretionary trust’ and as such those assets are held on trust for your
chosen beneficiaries through a letter of wishes. The WPT is a form of Asset Protection as it is
a trust set up during the lifetime of the settlor.
