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personal Investment plan trust
Orchidstar
Posts: 6 Forumite
I'm looking for some advice, if you are to benefit from a personal investment plan and you have a trust declaration in your favour, can a new trustee change this.
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Comments
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It would depend on what type of trust it is. If it is a discretionary trust, then it is possible that the trustees have the power, according to the trust deed, to add and remove beneficiaries as instructed by the settlor.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
I' am not sure what kind of trust it is, but the settlor has passed away0
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It may have been a trust of association0
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Sorry I don't think that is a type of trust. Please provide more information if you need help.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
Sorry, it a Power of Appointment trust.
my father was the settlor
My father and mother were the lives covered
the persons who could benefit were my father, mother and me.
My father passed away in 2010
My mother hired a firm to deal with my fathers estate they made themselves trustees
They put the plan in to my mothers name in 2012
My mother passed away in 2013
According to my mothers financial adviser the trust was not varied in anyway and I should still be a beneficiary
Now according to my mothers executers I am no longer a beneficiary of this account.0 -
I've just re-read what you wrote...Orchidstar wrote: »Sorry, it a Power of Appointment trust.
my father was the settlor
My father and mother were the lives covered
the persons who could benefit were my father, mother and me.
My father passed away in 2010
My mother hired a firm to deal with my fathers estate they made themselves trustees
They put the plan in to my mothers name in 2012
My mother passed away in 2013
According to my mothers financial adviser the trust was not varied in anyway and I should still be a beneficiary
Now according to my mothers executers I am no longer a beneficiary of this account.
"They put the plan in to my mothers name in 2012"
What do you mean by this exactly? Do you mean the plan was paid upon first death and the proceeds paid out to your mother? Or did the plan continue, i.e. payable upon second death?Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
The plan is was still running with the same account number, just in my mums name.0
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Orchidstar wrote: »The plan is was still running with the same account number, just in my mums name.
It depends what the trustees (the firm) did with the PIP then. Because you mentioned that they placed the plan back into your mother's own name, i.e. wound up the trust. I'm not sure why they would do this. If this is the case, you are no longer the beneficiary and your executors are right because the plan belongs to your mother's estate.
If, on the other hand, the trust is still running and the PIP is still owned by the trust, then you are still the beneficiary. This is not dealt with by the executors because it is not part of your mother's estate, but rather the trustees would need to distribute this.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
The firm she hired say they are no longer trustees, so I guess they must have wound it up, they wont tell me exactly what they did or why.
Thank you for you help.0
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