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INTEREST IN POSSESSION TRUST
This is an arrangement that gives a person a present right to the present enjoyment of something. The beneficiary with the right to enjoy the Trust property for the time being is said to have an “interest in possession”. A Trust can give the interest in possession to the beneficiary for a fixed period, for an indefinite period or, more usually, for the rest of a beneficiary’s life. Such a life interest trust is the most common example of an “interest in possession” Trust.