Who should be the settlor in a flexible trust?

inca1000

Just some advice.

I took out life insurance 13 years ago on my ex husband and pay the premiums. 

I have previously filled out a flexible trust for the life insurance, but believe I have filled it out the form incorrectly. 

Who should the settlor be? - I have originally put my exhusbands name, but should this be in my name as I am the one creating the trust, what does being named as settlor entitle you to?

If I should be named as settlor, can I also be named a trustee and beneficiary?

Thanks in advance.

kingstreet

Yes. You are the settlor.

Then the trustees administer the trust on death, although you can also be a trustee so have two or more as well as you.

Then there are the beneficiaries.

If you took out cover on him on a life of another basis, no trust was necessary as you would receive the death benefit as you would be the assured and him the life assured.

inca1000

Is it correct I can be named as settlor, trustee and beneficiary? 

A percentage of the benefits would go to his son, that is why we were told a trust would be needed.

kingstreet

Yes. You can be all three.

Understood re son.