Solicitors for Flexible Life Interest Trust

[Yiannis17]

Dear All

Could someone recommend a firm to deal with the setting up of a Flexible Life Interest Trust. I recently went through a firm, not solicitors, and didn't have a great experience.

Thank you

[AnthonyR]

Are you talking about a Will incorporating a FLIT or a lifetime settlement of an interest in possession trust? While you can set up a trust which functionally provides a life interest during lifetime it's still considered a relevant property trust unless meets certain criteria (set up for a bereaved minor or a disabled person) so care will need to be taken around entry charges/periodic charges etc.

If it's a Will which includes a FLIT you probably want to make sure that the solicitor/adviser is a member of STEP (https://www.step.org/step-directory) and advises on these reasonably regularly. Organisations such as Society of Will Writers, Institute of Professional Willwriters and Countrywide provide their consultants with appropriately drafted documents, but if the client goes down this route just make sure whoever is advising the client actually understands what they are selling the client (unfortunately in my experience, having attended several of these courses, a lot of these consultants sell them because they provide the biggest fee rather than because they understand it's what's best for the client).