Wholelife insurance

loulou41

Recently I e-mailed my insurance company and asked the possibility of having my life insurance paid to my beneficiary instead of my estate. The policy is about 30 yrs old. I was sent a form to fill "Declaration of Trust with power of appointment." It seems a bit complicated to me as I have to appoint trustees and beneficiaries in my case " my adult children" . I also have to send copy of birth certificates and documents signed as by seen by a Solicitor,doctor or teacher. I e-mailed the company and asked whether if I leave it as it is now and paid to my estate whether they will need probate to release the money and whether it is acceptable for an ex teacher to sign the form or a dentist who has the title of dr. The queries have not been answered and they have send me another form to fill in, same like before.

I am wondering whether if I do not fill the form as it seems too much of a hassle for me and it involves only a small amount of money now 7000k with profits, the policy will remain unchanged. I thought it will only involve changing from estate to beneficiary and I thought the money would be released quicker without having to go to probate. hope this make sense to somebody.Please can somebody give me some advice on this. Thanks