What is our Bare Trust?
For protection policies only. This information is for intermediaries only. It mustn't be distributed to, or relied on by, customers.10 December 2017
A Bare Trust(Opens new window) can be used where all the benefits under a policy are gifted to named beneficiaries.
This is because, when the settlor creates a Bare Trust, they give away their rights to all of the policy benefits. This means any claim proceeds will be gifted to their beneficiaries. They won't be able to change the names of their beneficiaries or how much each is entitled to in the future.
A flexible trust may be a better option if the settlor's family circumstances could change in the future or if the settlor wants to retain access to some of the benefits.
Our Bare Trust isn’t a split trust.
Trusts establish legal rights and entitlements and might have material financial and tax implications for the settlor, trustees and beneficiaries. Aegon UK isn't authorised to provide legal advice, so you should take your own legal advice before setting up a trust, to make sure that it meets your clients' requirements. Our trusts have been drafted for use by UK domiciled individuals.