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Find out about the trusts we offer and how to use them

Trusts

How to use the Trustbuilder

Please note: Our trustbuilder tool should not be used with our Business Protection products.

The Trustbuilder will take you through the process of setting up a trust.

We’ll ask a few questions about your client’s circumstances, and who they want the proceeds from their life cover to be paid to when they die. The answers will help determine which of the trusts we offer best matches your client’s circumstances.

Then you’ll be able to complete the form online by answering a series of questions, and the trust deed you’ve chosen for your client will be created for you to print out. The client(s) and the trustees will need to sign the document, and have their signatures witnessed by an independent third party. Once this is done, post it to us using the freepost address provided and we will update our records. We’ll then return the original deed back to your client(s) for them to keep in a safe place with their policy documents.

Before you start our Trustbuilder, make sure you've considered whether placing your client's policy into trust is right for them. Also, make sure you've had a look at our flexible and fixed trust deeds. If you're in any doubt you should seek specialist advice.

Right now, the survivorship clause isn’t available using our Trustbuilder. So if you want to include this, please download or ask us for a copy of our trust deeds and guidance notes.


Common questions

Click on a question for more information.

Can I use Trustbuilder for my business protection clients?

No, our trustbuilder tool is designed for personal insurance only.

Find out more about Business Protection trusts.

What happens to the information I give you?

Any information that you enter into our Trustbuilder system is only used to create your client's trust deed, and won’t be used for marketing purposes. Once the trust deed has been created for you, the information you’ve entered will be deleted from our records and systems. We’ll only record the details on our systems once you have sent the signed deed back to us. So it’s important for you to tell anyone whose details you’ve entered, and named on the trust deed that this will be happening.

Is it right for my client?

You shouldn’t use our Trustbuilder for your client if their financial arrangements are complex, or you’re recommending a complex set of tax planning arrangements for your client. Our trusts are basic types of trust (flexible and fixed), for use with life cover policies only. It’s up to you and your client(s) to decide if the trust selected by the LV= Trustbuilder is right for your clients.

If your client(s) have a life cover policy, and also have a waiver of premium policy – then it’s only the life cover policy that can be placed in trust. Waiver of premium policies can’t be placed in trust.

Can my client change their mind?

Placing a policy in trust should be considered carefully. Once the trust has been set up, your client can't normally change their mind later on and take the policy out of trust.

What information will I need?

Before you start the trust builder it would be useful if you have your client's policy details to hand (if their policy has already started).

It will also make the process much quicker if you have the following:

  • The names and addresses of the people your client would like to be trustees
  • The names of the people that your clients want their life cover to be paid to when they die (the beneficiaries)

What types of trust does the Trustbuilder support?

Currently the trustbuilder supports both flexible and fixed trusts for life protection policies only.

The following types of trust can't be used currently. However, you can find out more about these sorts of trusts, or download the forms by following the links below.

What sort of policies can the Trustbuilder be used for?

The following products can be used with the Trustbuilder to place into trust:

  1. Life Protection through the Flexible Protection Plan (for personal policies)
  2. Family Income Assurance
  3. 50 Plus plan
  4. LV= Life Insurance

However, the survivorship clause isn’t currently available using our Trustbuilder. So if you want to include this, please ask us for a copy of our trust deed or guidance notes.

What's a 50 plus plan?

Although the 50 Plus plan isn't a product available through intermediaries, your client may have a policy with us. The Trustbuilder can be used to put a 50 Plus plan into trust. However, if your client has selected our funeral benefit option, then they won't be able to put their plan into one of our trusts.

Find out more about our 50 Plus plan

What's LV= Life Insurance?

Although LV= Life Insurance isn't a product available through intermediaries, your client may have a policy with us. The Trustbuilder can be used to put LV= Life Insurance into trust.

Find out more about LV= Life Insurance.

Speak to our adviser support team for quotes or more information.

0800 678 1890

TextDirect 18001 0800 678 1890

9am - 5.30pm Monday - Friday

We may record and/or monitor calls for training and audit purposes.

Literature

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IHT planning

Manage your client's inheritance tax by using our trusts.

Find out more about inheritance tax

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Protection toolkit

Let us support your advice with our handy online tools.

Find out more about our Protection Toolkit

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Working with LV=

What you can expect when you work with us.

Find out more about Working with LV=

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Business Protection Specialist Team

Fast track application with our Business Protection Specialist team.

Meet the Business Protection Specialist team

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FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK