A Trust allows you to set aside an asset to benefit a specified person or people (the beneficiaries). The asset is managed by a trustee or trustees until such time as the beneficiary is intended to benefit. So, for example, your spouse may look after property on behalf of your children until they reach a responsible age. Life Insurance policies are such an asset, and putting a policy into a trust can affect what happens to the payout from a policy in the event of your death.
No. We are on hand to provide you with this option for free when taking out the policy. Some existing Life Cover policies can also be transferred into trust.
By writing your policies in trust it allows you to specify how you want the proceeds to be paid out. For example, trustees can be appointed to oversee money for the benefit of children under 18.
In addition, setting up a trust means that the payout will go to the people you intend it to.
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