Barclays Life Maximum Cover Policy - Trust Terms

andrewandyandrew

For reasons I can’t fathom because they were not well off, my parents entered into a Barclays Life Max Cover policy in Trust in 1983. 

Obviously it’s in trust to manage death duties/iht although I doubt my parents wealth would have troubled death duties or iht then - even with a policy pay out. 

As Barclay’s Life is no longer with us, the policy is now with The Insurance Industry’s answer to Crippin, Reassure. So I am sorting it out for my widowed mother.

I need to find the standard Trust terms noted in the document creating the trust which have a ref BLNB 50 (11/82). Does andyone know where I can find them or what the Acronym BLNB stands for?

many thanks!

kingstreet

That's probably just a stationery code meaning Barclays Life New Business form 50, or similar. If the plan was designed for IHT is would normally be written "joint life, second death" or "joint life, last survivor" which means the benefit is paid only after the second life dies.

A single trust form can provide several different trustee/beneficiary options so without a copy of the actual completed form, you may well struggle to establish the trust's intentions.