Life Insurance - should it be put into trust ?

[Zippyworld]

Can anyone put this into basic terms for me please ?
My partner and I, not married but long term with kids, have recently taken out a life insurance policy on her alone.

What we want to do is ensure that the policy pays out to myself and exclude all others, should she die during the term and if we both die atthesame time, say in an accudent coukd this go to our two kids ?

I am notsure if putting the policy in yrust would do this, and if itdoesare there implications ?

Advice appreciated

[Jockman]

You should have been advised at the point of sale. Who did you buy it from?

[Zippyworld]

Jockman said:

You should have been advised at the point of sale. Who did you buy it from?

Not really helpful this response..

[Ginge R]

Zippyworld said:

Can anyone put this into basic terms for me please ?
My partner and I, not married but long term with kids, have recently taken out a life insurance policy on her alone.

What we want to do is ensure that the policy pays out to myself and exclude all others, should she die during the term and if we both die atthesame time, say in an accudent coukd this go to our two kids ?

I am notsure if putting the policy in yrust would do this, and if itdoesare there implications ?

Advice appreciated

Default setting, there's a lot to be said for putting cover into trust. Your partner will have peace of mind knowing that post her death, the money won't be bled dry should your head get turned by some gold digger. The company you have the cover with will be able to offer basic assistance and give you some forms. See the Money Advice Service or your local CAB, or just chuck some questions up here.

[anonymous-user]

Zippyworld said:

Not really helpful this response..

But it is correct.
Was it an advised sale or did you buy unadvised?

[Magic919]

You can probably achieve some of this using a pair of Wills.

Who are the 'others' you wish to exclude?

[walm]

Ginge R said:

The company you have the cover with will be able to offer basic assistance and give you some forms.

This.
I just did it for one of my policies.
I THINK I understood it - but essentially it puts it in the hands of trusted trustees should the worst happen.
They then decide when the kids get it.

[Zippyworld]

My wife absolutely refuses to do a will based on her religious belief and superstition, (it drives me insane). So we decided to take out this cover as she is the main bread winner and I am a stay at home Dad.
The money will provide me enough money to buy the house ( I know that this is complicated) and put the kids through education etc;

I bought through Aviva and they have told me over the phone about a trust but not in detail and iof course they cannot advise...

[anonymous-user]

Zippyworld said:

My wife absolutely refuses to do a will based on her religious belief and superstition, (it drives me insane). So we decided to take out this cover as she is the main bread winner and I am a stay at home Dad.
The money will provide me enough money to buy the house ( I know that this is complicated) and put the kids through education etc;

I bought through Aviva and they have told me over the phone about a trust but not in detail and iof course they cannot advise...

Will she do an "expression of wish" for the life insurance or is that no-no as well?

[walm]

Zippyworld said:

My partner and I, not married but long term with kids, have recently taken out a life insurance policy on her alone.

Zippyworld said:

My wife absolutely refuses to do a will based on her religious belief and superstition, (it drives me insane).

That was quick.

Aviva should have a standard form. Ask them to send it to you.

[Ginge R]

Zippyworld said:

My wife absolutely refuses to do a will based on her religious belief and superstition, (it drives me insane). So we decided to take out this cover as she is the main bread winner and I am a stay at home Dad.
The money will provide me enough money to buy the house ( I know that this is complicated) and put the kids through education etc;

I bought through Aviva and they have told me over the phone about a trust but not in detail and iof course they cannot advise...

I hate to complicate things - you've obviously tried to do the right thing. What if she is severely injured, loses her job, is long term very sick?

[Zippyworld]

Expression of wish is no no too !

[anonymous-user]

Zippyworld said:

Expression of wish is no no too !

In which case I think you are fked.

Personally I would just fill it in and sign upon her behalf, but that's just me.

Sounds complicated!!

[Zippyworld]

Should anything happen to my other half and as we are not married all the estate would go to the kids, 4 and 9 years old. As there is no will or Expression of wish we decided that the life insurance policy would be the next best thing.

We simply want to ensure that I am the sole recipient of the money.

Would this involve a trustee or can I be the trustee and receiver of the proceeds ?

[anonymous-user]

If she won't sign an expression of wish I can't see how it can be done.

Can I ask what religion she is?

I really think you may need a sit down with a professional who may well be able to set things up in a way that complies with certain religious beliefs - a similar concept is used in sharia compliant finance.

[Zippyworld]

The more I look at it its more of a supestition, we have seen two solicitors who have ultimately said they cannit help us if she is not willing to do a will or EOfT.

Its been really frustrating on my part....

[Ginge R]

Zippyworld said:

Should anything happen to my other half and as we are not married all the estate would go to the kids, 4 and 9 years old. As there is no will or Expression of wish we decided that the life insurance policy would be the next best thing.

We simply want to ensure that I am the sole recipient of the money.

Would this involve a trustee or can I be the trustee and receiver of the proceeds ?

Yes. A beneficiary can also be a trustee or executor. Always best to have a couple of others, too, though.

[Zippyworld]

Ginge R said:

Zippyworld said:

Should anything happen to my other half and as we are not married all the estate would go to the kids, 4 and 9 years old. As there is no will or Expression of wish we decided that the life insurance policy would be the next best thing.

We simply want to ensure that I am the sole recipient of the money.

Would this involve a trustee or can I be the trustee and receiver of the proceeds ?

Yes. A beneficiary can also be a trustee or executor. Always best to have a couple of others, too, though.

If I am the sole recipient why would I need other trustees ?

[anonymous-user]

Zippyworld said:

If I am the sole recipient why would I need other trustees ?

If she won't do an expression of wish then I think you are screwed.

Is it religion or superstition that is stopping her?

[walm]

Zippyworld said:

We simply want to ensure that I am the sole recipient of the money.

So you want a will but called something else?
She might see through that ploy!

Zurich Absolute Trust Guide said:

What is the trust for?
"To enable you, as the donor, to make an absolute gift to the beneficiaries, making them sure to inherit."