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Our Absolute Trust (Split Trust) clearly defines the beneficiaries and their share at outset. The beneficiaries cannot be changed once the trust has been set up. For this reason, a discretionary trust is usually more appropriate, to allow for changes in circumstances.
This is also a split trust meaning the life assured, or settlor, retains an interest in the policy allowing them to receive any benefits from a critical illness claim and from a terminal illness claim where applicable. The trustees hold the death benefit for the beneficiaries of the trust.
Trusts are documents with legal significance that may affect the rights, obligations and tax position of your client and the beneficiaries. You should not proceed unless you are satisfied that you understand its effect and that it achieves your objectives. If you have any doubts or uncertainties you should seek the appropriate legal guidance. Special consideration may be required where persons are either resident or domiciled outside the UK.