What is our Bare Trust?
For protection policies only. This information is for financial advisers only. It mustn't be distributed to, or relied on by, customers.Sun Dec 10 10:58:00 GMT 2017
A Bare Trust(Opens new window) can be used where all the benefits under a policy are gifted to named beneficiaries.
When a Bare Trust is created the settlor gives away rights to all of the policy benefits and any proceeds would be gifted to their beneficiaries. Once a Bare Trust is set up, the named beneficiaries and the percentage share of their entitlement can't be changed in the future. Our Bare Trust isn’t a split trust.
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.
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.