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Helping you choose which protection trusts best suit your client.
A trust can be an extremely effective financial planning tool and essentially is a legal arrangement that lets the owner of something ‘gift’ ownership to someone else, this could include cash, property, shares or a life insurance policy.
These arrangements allow the person making the gift (the settlor) to transfer ownership of their assets to another party (the trustees). The trustees hold the assets for either the sole benefit of a chosen person or group of people (the beneficiary) - without giving them access to the assets for the time being.
There are normally three parties involved in setting up a trust:
Everything that is done with the trust assets by the trustees must be in the best interests of the beneficiary.
For further information on trusts, including some key questions and answers, please see our Trust Overview Guide (PDF)
For Scottish Widows Protect policies we currently offer a choice of six supporting trusts.
The trust chooser below is designed to help you decide which trust may be most appropriate for your
*This will be suitable for new ‘Own Life’ single life, death benefit policies with or without critical illness cover. It may be appropriate to consider setting up a separate option agreement, dependent on circumstances. We can provide a draft document for use by a legal adviser in drawing up any suitable agreement.