Life assurance in trust

Juliette100

I have a life assurance which only pays out on death.  I have put this In trust with my brother and in the event I die he is sole trustee and can do what he wants with it.  I wanted to check is there anything other than the standard trust forms to complete as the insurance Co provided this when setting this up.  I assume there is nothing to log with HMRC as it’s a life assurance.  Again upon death it’s outside my estate - but again would this need to be logged with HMRC. 

Keep_pedalling

Nothing more needed but what happens to the policy if he dies first?

Juliette100

Keep_pedalling. Thank you.  Hmm didn’t think about that. If he died first I’m not sure what happens to the policy.  There is no other trustee on the policy just me and him. I’m paying the premium as it’s my cover. I assume I stop paying and the trust and insurance ends? Does that work in practice. 

Marcon

Juliette100 said:

Keep_pedalling. Thank you.  Hmm didn’t think about that. If he died first I’m not sure what happens to the policy.  There is no other trustee on the policy just me and him. I’m paying the premium as it’s my cover. I assume I stop paying and the trust and insurance ends? Does that work in practice. 

You need to read the terms of the policy, or ask the insurance company. Depends what type of life policy it is.