Book your Trust appointment

Yes, you can have more than one Trustee if you would like. They will work together to oversee the trust.

The Trust is different to a will as writing your life policy into a trust is designed to prevent your life policy forming part of your estate. If the life insurance payout was part of your estate, it can take a lot longer to be paid to the Beneficiary and could also be subject to inheritance tax.

When you have passed away, the Trustee will provide the insurer with the relevant documents to verify that the funds can be released. They will require the death certificate and a photographic ID which they will then match with their records. Once verified, the funds will be paid into the trust account within 7-10 working days.

The Trust is a legal document between yourself and the insurer naming who you’d like the money to go to. It could pay to your loved ones outside of probate and could avoid inheritance tax.

No. You may want to sort out you sort out the Trust as soon as possible though, just in case something happens sooner rather than later.

The Trust service is complementary and provided completely free of charge by Protect Line.

The Trustee is the person who will go to the insurer and make the claim and mainly oversees the Trust. The Beneficiaries are the ones that will benefit from the policy. It’s the Trustee’s duty to honour the Trust and distribute the funds in accordance with what is set out in the trust, taking into account the settlors (your) wishes. You should bear in mind that there are different trust types, some that give a lot of flexibility for trustees to oversee the trust as they see fit.

It depends on the insurer. Some insurers allow Trustees to live outside of the UK, however the majority of insurers require the trustee to live in the UK and hold a UK bank account. Legal & General are the only insurer we work with that accept Trustees who live outside of the UK, as long as they hold a UK bank account.

If you were to pass away before putting your policy into Trust, it would fall into your estate and would go through probate. Depending on the value of all of your assets together, it could be taxed through inheritance tax.

The money is held by the Trust account until they’re old enough to obtain the money themselves. You usually can’t stipulate exactly when that may be on the Trust form, depending on the Trust so you may have to discuss it with your Trustee. You could also set up a will to stipulate when they would receive the money, which works in tandem with the Trust.

Your witness cannot be related to or live at the same address as anyone named on the Trust form. They do not have to be a professional to sign the form (doctor, teacher, lawyer, etc). You could ask a friend or neighbour to be witnesses.