Here's what you need to know about putting your life insurance policy into a trust
Trust Registration Service notification
As part of the UK's implementation of the Fifth Money Laundering Directive, new rules were introduced about trust legislation.
Trusts related to in-force LV= protection plans that don't hold a surrender value won't need to be registered. Other types of policy held in trust may need to be registered. For further information please see our Trust Registration Service FAQs.
Before we start, you should know…
If you're in any doubt, you should speak to a solicitor.
Take a deeper look into the advantages and disadvantages
Who is needed to set up a trust?
This is the person or people who set up the trust and put their life policy into it. So they are the current owners of the life insurance policy. The settlor chooses the trustees and decides who they would like the beneficiaries to be.
These are the people responsible for looking after the policy put into trust on behalf of the person or people who will get the money when the life policy pays out - the beneficiaries.
These are the people who will get the money from the trust.
We have three types of trusts - fixed, flexible and split
Have a read of our guides - they might help you understand Trusts and Trustees. You can get this and other documents from us in braille, large print or audio by contacting us.
Our Online Trusts tool will guide you through the process of setting up a trust.
You must have 100 questions, but let's start with these
Ready to set up your trust online?