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Policies held in trust-should we have written confirmation?
ferry
Posts: 2,017 Forumite
Just curious but when the wife & I took out our Life policies we asked for them to be held in trust -on the advice of our FA.
Should we have had written confirmation from our provider (or FA) to legally state this has taken place?
Thanks
F
Should we have had written confirmation from our provider (or FA) to legally state this has taken place?
Thanks
F
:j
0
Comments
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Can you clarify what you mean by "held in trust?"
The usual expression is written in trust. You would know when you'd completed a trust because you go through appointing trustees, normally friends and relatives who have to sign the forms, and then you have to sign, with the signatures being witnessed.
Does this sound about right?
Is the cover with Friends Life? FL does have an online trust facility which simplifies the above.
Either way, it is unlikely you would not have some record of it being done.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Sorry yes,I meant written in trust .
Policies are with Bupa,taken out a couple of years ago but I'm at work at the moment so will have a chance to check the specifics when I get home.
I dont remember having anyone sign anything regarding this.
Would there have been a charge to do this or would that be provider specific?:j0 -
The provider normally returns the trust document back to you to hold with the policy document.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Ask BUPA directly. If your FA hasn't done it, the provider will certainly be able to confirm.Sorry yes,I meant written in trust .
Policies are with Bupa,taken out a couple of years ago but I'm at work at the moment so will have a chance to check the specifics when I get home.
I dont remember having anyone sign anything regarding this.
Would there have been a charge to do this or would that be provider specific?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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