Discretionary Trust declaration form

Before you complete this form, we would recommend that you read our ‘Guide to Trusts’ and speak to a professional adviser. They will be able to
help you decide whether a trust is right for you and, if so, which type of trust would suit your needs best.
Terminal Illness Cover
You can choose to put the terminal illness benefit into the trust or keep it as a retained benefit. If you do put it into the trust, we will pay any benefit for
terminal illness to the trust and not to you. The trustees would then distribute the benefit according to the terms of the trust.
Once you, and the trustees that you choose, have signed this form:
all benefits payable under the Covers included in this form will be gifted to the beneficiaries;
you will no longer be a beneficiary for the Covers included in this form;
the trustees can only be changed in accordance with the terms of the trust;
the trustees can retain assets until they think it is the right time for them to be distributed.
What is a discretionary trust?
A discretionary trust is a trust where the beneficiaries and their entitlements to the trust fund are not fixed but are determined by the criteria set out by
the settlor in the trust instrument.
Putting an insurance plan, or parts of it, in trust is not right for everyone. Before completing this form, it is important to discuss your needs with your
financial adviser or legal adviser.
Trusts and taxation
Normally, life protection policies that have been put in trust aren’t included in your estate - there should therefore be no inheritance tax to pay. It may
not be necessary, therefore, to register this trust with Her Majesty’s Revenue & Customs (HMRC). If this trust is part of a wider gifting programme,
there may be some benefits to registering this trust with HMRC. Your adviser will be able to tell you if you should register your trust with HMRC.
The laws for gifts and trusts may change in the future. AIG Life Limited cannot be held responsible for any information given or any changes in tax
provisions or legislation that may affect the policies within the trusts or the tax treatment of either the policies or the provisions of the trust or the rules
applying to gifts for inheritance tax planning purposes.
What if I have a joint life cover?
You can use this form to put a joint life cover in trust, the details of both people whose lives are assured by the cover need to be included in the
Declaration of Trust section of this form. Note: please be aware that the life policy proceeds will be paid to the trustees upon the first person’s death.
If this is not your wish, then putting your plan into trust may not be right for you and you will need to speak to your financial adviser to discuss the
appropriate action that meets your needs.
Discretionary Trust declaration form
AIG - Discretionary Trust declaration form 1
Page 1/8
Free Download

Discretionary Trust declaration form PDF

Favor this template? Just fancy it by voting!
  •  
  •  
  •  
  •  
  •  
(0 Votes)
0.0
Related Forms
  •  
  •  
  •  
  •  
  •  
16 Page(s) | 4736 Views | 64 Downloads
  •  
  •  
  •  
  •  
  •  
3 Page(s) | 1600 Views | 5 Downloads
  •  
  •  
  •  
  •  
  •  
23 Page(s) | 6474 Views | 9 Downloads
  •  
  •  
  •  
  •  
  •  
9 Page(s) | 3903 Views | 5 Downloads
  •  
  •  
  •  
  •  
  •  
2 Page(s) | 1203 Views | 8 Downloads