Assign an endowment to a partner

endowment_newbie

Please can someone provide a bit of advice.

I have a joint endowment with my estranged wife against the property that we were both living in, but 4 years ago I moved out.

She has asked me to assign the policy soley into her name, but I am unsure of the consequences of doing this.

Many thanks

Senior_Paper_Monitor

She gets all the money ??

Thrugelmir

Wasn't this agreed in your divorce settlement ?

Burridge60

It is called an Equity in Redemption Assignment (or something like that).

Its the straight assignment from joint owners to a sole owners name. The policy is not affected in any way and will continue to be on your joint lives just owned by ex partner. You wont be able to enjoy the surrender value or maturity proceeds as these will belong to the estranged wife. On your death she would get the life cover payment on hers the death benefit would go to her estate. The Insurer will only write to the sole owner from the moment that the policy assignment notice is served on them.

Worth consulting a Solicitor for any other legal ramifications and the mortgage liability and any equity in home. If you have a joint mortgage liability the death benefit wont come to you to settle the debt as it will form part of her Estate.

Bettie

I paid £30 to my solicitor earlier this year to have this done. I now own the policy, when the pay out cheque comes it will come to me, not to both of us. The biggest bonus for me is that if my ex gets into debt 'they' can't get their mits on 'my' money.
We are still both insured though.

endowment_newbie

Senior Paper Monitor - I think you're right :-(
Thrugelmir - We haven't divorced yet, which is why this is still an issue.
Burridge60 - Thank you for the advice. You've confirmed what I've heard. Time to see a solicitor, I think.
Bettie - Not sure I'm happy with the cheque going to my ex though :-(