The Family Investment Probate Trust is a type of 'Pilot Trust' that is established outside of the Will. This trust allows the settlor(s) to settle investments, cash, and other assets into the trust while they are alive. One of the key features of this trust is that the settlor(s) are also potential beneficiaries of the trust, along with others, which means that they can continue to benefit from the trust. However, this type of trust does not reduce the client's IHT liability.

By using a Family Investment Probate Trust, clients can potentially reduce delays and costs associated with Probate and the Court of Protection. Additionally, assets held in the trust may be protected from divorce, creditor claims, means testing for disabled beneficiaries, and care fees.

It is important to note that each trust should receive less than the IHT Nil Rate Band.