Who are the potential beneficiaries under your Relevant Life trust?
For protection policies only23 October 2019
Both our signature-free Relevant Life trust and paper Declaration of trust for a Relevant Life policy are discretionary trusts. The list of discretionary beneficiaries includes the employee (insured person) and:
- their husband, wife or registered civil partner immediately before their death;
- their children and dependants immediately before their death (including their husbands, wives or registered civil partners), and
- any individuals or charities that the employee (insured person) nominates in writing to benefit from the trust fund.
Trusts establish legal rights, obligations and entitlements and might have material financial and tax implications for the settlor, trustees and beneficiaries. Aegon UK isn't authorised to provide legal or tax advice, so you should take your own legal and tax advice before setting up a trust, to make sure that it meets your requirements. Our trusts have been drafted for use by UK-resident and UK domiciled individuals.