What is the survivorship option?
For protection policies only. This information is for intermediaries only. It mustn't be distributed to, or relied on by, customers.12 November 2018
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.
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.