Trusts

A trust is a legal means that allows a gift to be made to someone without giving them
any control over the gifted property.

Life cover can be written under Trust rather than being directly owned by you. Depending on your circumstances, this could be beneficial to you and your loved ones. Some potential reasons for doing this are explained below. Please note that writing a policy in Trust is not appropriate for every person or policy and will need to be discussed.

If the policy is written in trust, the trustees can make the claim and the proceeds will be paid straight away. If not in trust, depending on the type of policy, the proceeds may need to pass through probate and there could be significant delay at the time when the money is needed the most.

Clients often assume that the life policy proceeds will be paid out to their families in the event of their death. However, if the plan is not in trust, the proceeds will be paid to the deceased's estate. How can they be sure that the proceeds will end up in the right hands? When you are setting up a trust you have control over who will administer any money paid out for a claim (the trustees) and who will benefit from any money paid out (the beneficiaries). This can avoid any disputes or delays in payment of proceeds.

Simply writing the policy in trust and nominating the intended beneficiary on the Trust Form can avoid any disputes or delay in payment of proceeds.

A trust ensures your policy proceeds are put in the right hands at the right time. Whenever we provide you with a recommendation for a life or life and critical illness cover, we will also advise whether you should place that cover in trust and arrange for this to be done where appropriate.

If the policy is written in trust, the trustees can make the claim and the proceeds will be paid straight away. If not in trust, depending on the type of policy, the proceeds may need to pass through probate and there could be significant delay at the time when the money is needed the most.

We work closely with you and carry out research to understand your needs and wishes.