Beneficiary Trust

The FPIL Beneficiary Trust allows an individual to nominate beneficiaries to receive the proceeds of their policy after death via a trust.

Issues for consideration

  • The Beneficiary Trust does not come into force until the death of the last surviving policy holder.

  • A Beneficiary Trust can be revoked/cancelled at any time during the lifetime of the policy holder.

  • Submitting a new Beneficiary Trust will revoke/cancel the current the Beneficiary Trust.

  • A Deed of Assignment will revoke/cancel any Beneficiary Trust.

  • It not possible to use the Beneficiary Trust where the policy is owned by a company or trust..

  • A company or trust can be appointed as a Trustee or Beneficiary.

  • The Beneficiary Trust cannot be used where the policy is written on a joint life first death basis.

  • The Beneficiary Trust avoids the requirement for obtaining Isle of Man Probate.

Trust Deed

How it Works Guide