What is the survivorship option?

Where the trust fund comprises a joint life first death policy, the settlors may want the surviving spouse to be able to access the claim proceeds in the event of the first death. The joint settlors would both have to initial the relevant box on the trust deed at outset for this to happen. In the event that one of the joint settlors dies, the trustees will hold the trust fund for the surviving settlor, so long as they survive for 30 days after the deceased settlor’s death. If they both die within 30 days, then the trustees will hold the trust fund for the beneficiaries.