Jurisdiction(s):
United Kingdom

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Key definition

Liferent definition

What does Liferent mean? In legal practice, a liferent is a right for a person to use, occupy and take income from property for their lifetime while another person retains the capital ownership. In Scots law this is a recognised real right: the holder is the liferenter and the owner of the capital is the fiar. Unless a consumable liferent is expressly intended, the liferenter must not consume or destroy the capital and must avoid waste; they usually meet ordinary outgoings. A liferent can be created by grant or by reservation in a disposition, will or trust, and may cover heritable or...

Scottish liferent (interest in possession) trusts: creation and administration, income v capital, proper liferent distinction, IHT, alimentary/protective liferents, apportionment, and Trusts and Succession (Scotland) Act 2024 reforms

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Practice notes

FORTHCOMING CHANGE :

The Trusts and Succession (Scotland) Act 2024 obtained Royal Assent on 30 January 2024, signalling the first significant reassessment of Scottish trusts law in more than a century since the foundational Trusts (Scotland) Act 1921. The trusts provisions will only commence once Scottish Ministers introduce the requisite secondary legislation, whereas certain succession provisions took effect on 30 April 2024. The key updates designed to modernise the regime are outlined in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes covering aspects of Scottish trusts and succession law will be further revised to reflect this new legislation...

Liferent trusts

A liferent trust is a vehicle that, once established, grants a Beneficiary or beneficiaries the right to use the trust property and to receive its income. The individual benefiting from the use or fruits of the trust property is termed the liferenter. Liferent trusts are also sometimes known as Interest in possession (IIP) trusts or life interest trusts (the preferred English terminology)—see Practice Note: Creation of trusts—life interest trusts...

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Pete Murrin

Turcan Connell

Pete advises clients on estate and succession planning, the formation and administration of trusts, taxation of trusts and estates, personal and commercial succession of family businesses, the preparation of Wills, adults with incapacity, and international inheritance and succession matters for high-net-worth clients. He has particular expertise in dealing with contentious trust, estate (testate and intestate) and pension death benefits matters for individual and business clients. Pete also has considerable experience in the field of Trust formation and administration generally and Personal Injury Trusts specifically.He is a member of the Society of Trust and the Estate Practitioners and accredited by the Law Society of Scotland as a specialist in Trusts Law and Private Client Tax, and by the Society of Trust and Estate Practitioners as a TEP. ...

Web page updated on 21/05/2026

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