PROTECTION POLICIES IN TRUST
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.
To help you understand more about trusts we have created a simple Guide to Trusts (PDF, 2MB).
OUR TRUST CHOOSER TOOL WILL HELP YOU TO SELECT THE MOST APPROPRIATE TRUST FOR YOUR CLIENTS' NEEDS AND PROVIDE YOU WITH A LINK TO THE CORRECT TRUST FORM.
Help me choose a trust
For Scottish Widows Protect policies we currently offer a choice of eight supporting trusts.
The trust chooser below is designed to help you decide which trust may be most appropriate for your clients' needs.
If you require a PDF version of our trust forms, you can access these below:
- Flexible Split Trust (PDF, 3MB)
- Flexible Split Survivorship Trust (PDF, 123KB)
- Flexible (Discretionary) Gift Trust (PDF, 605KB)
- Flexible Survivorship Trust (PDF, 123KB)
- Absolute Split Trust (PDF, 2MB)
- Absolute Gift Trust (PDF, 620KB)
- Relevant Life Policy Trust (PDF, 600KB)
- Business Trust (PDF, 167KB)
*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.