certain period. Either the will or trust deed establishing the trust, or the general law, will set out how tax and trustees' expenses will be divided between the income beneficiary and the capital of the trust. Trustee investment policies will also allow emphasis on either present income (which may reduce the real value of the capital) or capital growth (increasing income in the long term and capital remaining when the interest in possession is terminated) or a balance. Interest in possession trusts may be created as part of a will. Typically, a surviving spouse will be granted by the settlor a right to the income of the trust and/or a right to remain in the family home for the remainder of their life. When the surviving spouse dies, the rest of the fund (the remainder) may pass to the couple's children or other named persons. Examples The Duchy of Cornwall is the legal owner of large land holdings in the United Kingdom and owns financial investments. The Duke of Cornwall has an interest in possession in the duchy's assets, meaning the Duke is entitled to the income of the duchy and the enjoyment of its assets. When there is no Duke (the lifetime ('inter vivos') owner), the interest in possession reverts to the pre-1337 owner, the Crown. It is then under its exceptional statutory and quasi-statutory terms revested on the future Duke of Cornwall, which means it is not subject to the rule against perpetuities. References Wills and trusts