Change life insurance into a trust

Planeahead

I took out a life insurance policy 5 years ago but have now decided that I would like to put it into trust. Can anyone tell me if and how, I would do this myself without incurring expert fees?

tacpot12

It's usually just a matter of letting the insurance company know that you want to do this, and who you want the trust to benefit (who the beneficiaries are). Some companies will have a form they will ask you to fill in to confirm your nomination of beneficiaries. 

Such a trust is usually called a 'Discretionary Trust' because you are allowing the trustees to have discretion over how they distribute the money in the event you die. They should follow your wishes/nominations, but by not binding them to do so, it makes it much easier for them, so they don't charge for it. 

Weighty1

Planeahead said:

I took out a life insurance policy 5 years ago but have now decided that I would like to put it into trust. Can anyone tell me if and how, I would do this myself without incurring expert fees?

Pretty much every insurer will have their own trust forms which they can send out to you or which can be downloaded.  As mentioned above, most often people will use a discretionary trust (sometimes called a flexible trust, although some companies also use other names for them).  They are relatively simple forms and often these forms will have guide notes down one side.  However, there can be major implications of using the incorrect type of trust form or completing it incorrectly and therefore if you are sure on how they sholud be completed then you really should take advice on it.