What is a Trust? 

A trust is a legal arrangement, under which the policy owner creates a legal framework (the trust) to hold assets for third parties.

The three key parties to a trust are the settlor/s (those who own the policy), the trustees (who manage it) and the beneficiaries (who benefit from the trust). 

The trust is run or managed by the trustees. It is then the trustees’ responsibility to ensure the beneficiaries receive the benefit of the policy, in the event of a claim.

The various Insurer trust forms can be found at the bottom of this page. If you have any questions please get in touch.

Why do people put their policies into trust?

  1. Inheritance Tax

    The proceeds of a policy in trust may not be subject to Inheritance Tax.*
  2. Probate

    The policy benefit does not go through probate when it has been written into trust and therefore can be paid out more quickly.
  3. Protection

    The policy benefits may have better protection from creditors of your estate should it be placed in trust.

Are there disadvantages in putting a policy into Trust?

You can’t change your mind later on


Placing a policy into trust is an ‘irrevocable’ act. Once you’ve done it, you can’t change your mind later on and withdraw it from the trust.



You’re giving up some control over your policy


When you put your policy into trust you have effectively given it away to the trustees to look after for the beneficiaries.

Usually the Settlor (you) will be a trustee too so you retain some control, but any actions will need to be signed off by all of the trustees – so make sure they are people who will protect your interests in the long term. 

Are there different types of Trust?

Yes, there are several different types of Trust...

Read More

Discretionary Trust

These trusts allow you to include a wide range of potential beneficiaries and to add beneficiaries at a later date once the trust has been set up. The trustees manage who will receive any benefit from the policy, and how much they will receive.

Some people choose to complete a ‘letter of wishes’ along with this type of trust, to give their trustees guidance as to who they would like to benefit from the policy.

Flexible Trust

Sometimes called a ‘power of appointment’ trust, a flexible trust is very similar to a Discretionary Trust. The key difference is that you name the person or people that you would want to benefit from the proceeds of your policy. You also decide how you want the proceeds of your policies to be split between the beneficiaries.

Split Trust 

When you put your policy into trust, you cannot usually be a settlor as well as a beneficiary.  This can be an issue if you have a life and critical/serious illness policy, or if you would like to retain terminal illness payments for yourself.

A split trust allows you to separate out which benefits you would like to retain for yourself (the settlor), or gift to your beneficiaries, making it a popular option for those with life and critical illness cover.

*Some providers require separate forms to be completed for joint policies. These forms are often called ‘joint’ or ‘survivorship’ trusts.

**Some providers trust forms are split by default. Ensure you read through the form you complete carefully, along with the corresponding Trust Guide.

 Trust Documents, Guides and Expression of Wishes Forms


ProviderTrust Form & Guide

Discretionary Trust (Single Life)

Discretionary Trust (Joint Life)

Trust Guide


Discretionary Trust

Survivor Trust

Trust Guide

Beagle Street

Trust Form Guide 
The form can be found in the app or in your online account

Budget InsuranceThe form can be found in the app or in your online account
The ExeterTrust Forms
GuardianTrust Form

Flexible Trust

Trust Guide

Legal & General

Discretionary Trust Guide & Form

Flexible Trust Guide & Form

Survivors Discretionary Trust Guide

Survivors Discretionary Trust Form


Flexible Trust

Flexible Trust Guide

Split Trust

Split Trust Guide

(Over 50s)
Flexible Trust Form & Guide
Nominating a Beneficiary Form
Royal London

Discretionary Split Trust

Joint Discretionary Split Trust

Trust Guide

Scottish WidowsTrust Form
Shepherds Friendly
(Over 50s)
Flexible Trust Declaration
​Nomination Form
Virgin MoneyThe form can be found in the app or in your online account

Discretionary Trust & Guide

Deed of Appointment of Additional Trustees


Discretionary Trust & Guide

Discretionary Survivorship Trust & Guide

*Please see the current Inheritance Tax figures for further information



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