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The Law of Wills, Trusts and Estate Administration
Part of the common law series
Wills
Wills  · Legal history of wills
Joint wills and mutual wills  · Will contract
Codicils  · Holographic will  · Oral will
Parts of a Will
Attestation clause  · Residuary clause
Incorporation by reference
Contesting a Will
Testamentary capacity  · Undue influence
Insane delusion  · Fraud
Problems of property disposition
Lapse and anti-lapse
Ademption  · Abatement
Acts of independent significance
Elective share  · Pretermitted heir
Trusts
Generic Terms:
Express trust  · Constructive trust
Resulting trust
Common Types of Trust:
Bare trust  · Discretionary trust
Accumulation and Maintenance trust
Interest in Possession trust
Charitable trust  · Purpose trust
Incentive trust
Other Specific Types of Trust:
Protective trust  · Spendthrift trust
Life insurance trust  · Remainder trust
Life interest trust  · Reversionary interest trust
Honorary trust  · Asset-protection trust
Special needs trust: (general)/(U.S.)
Doctrines governing trusts
Pour-over will  · Cy-près doctrine
Estate Administration
Intestacy  · Testator  · Probate
Power of appointment
Simultaneous death  · Slayer rule
Disclaimer of interest
Other related topics
Living Wills (advance directives)
Totten trust
Other areas of the Common Law
Contract law  · Tort law  · Property law
Criminal law  · Evidence

Accumulation & Maintenance ("A&M") trusts are a type of discretionary trust for the benefit of children and young people in England and Wales.

Development and tax treatment

• The concept of an A&M trust emerged in England and Wales after the enactment of the Capital Taxes Act 1974 (CTA). The CTA discouraged the use of discretionary trusts by introducing new tax rules, but it made a specific exception for trusts designed to help young people (under the age of 25).
• This particular type of trust grew in significance over the years and became known as an Accumulation & Maintenance Trust. They came to fall under the purview of s.71 Inheritance Tax Act 1984 (IHTA), which continued their special tax treatment
• The Finance Act 2006 took A&M Trusts out of the purview of s.71. Today, A&M Trusts are governed by Pt. III, Ch. III IHTA, and therefore receive exactly the same tax treatment as other types of discretionary trusts.
• As a result, the use of A&M trusts is declining rapidly.
• The new breed of "18-25" trusts are taking their place.