Who are the beneficiaries under the Declaration of trust for a Relevant Life policy?
For protection policies only07 January 2019
The Declaration of trust for a Relevant Life policy is a discretionary trust. The list of discretionary beneficiaries includes the employee and:
- any spouse or civil partner of the employee who is married or in a civil partnership with the employee immediately before their death;
- any children of the employee;
- any spouse or civil partner of the children, or
- following the death of the employee, any person who in the opinion of the trustees was a dependant of the employee immediately before their death.
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 requirements. Our trusts have been drafted for use by UK domiciled individuals.