Q&As

An individual wishes to surrender a life insurance policy which the provider believes is written in trust, but the individual has no recollection of this. A copy of the trust deed (if there is one) cannot be located so it is not known who the trustees are (if there are any). How can the policy be surrendered where it is uncertain as to whether it is written in trust at all and, if the trust does exist, where there is no information about the trust?

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Published on LexisPSL on 24/12/2020

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • An individual wishes to surrender a life insurance policy which the provider believes is written in trust, but the individual has no recollection of this. A copy of the trust deed (if there is one) cannot be located so it is not known who the trustees are (if there are any). How can the policy be surrendered where it is uncertain as to whether it is written in trust at all and, if the trust does exist, where there is no information about the trust?

An individual wishes to surrender a life insurance policy which the provider believes is written in trust, but the individual has no recollection of this. A copy of the trust deed (if there is one) cannot be located so it is not known who the trustees are (if there are any). How can the policy be surrendered where it is uncertain as to whether it is written in trust at all and, if the trust does exist, where there is no information about the trust?

Where a life assurance policy is held subject to the terms of a trust, the life assurance company would usually endorse the policy document to indicate that the policy is held in trust, but the life company may not hold the original trust deed (or a copy).

If the life assurance policy had been issued to trustees from outset, following the completion of a request as part of the application for the policy, the life assurance company's records would show the trustees as the policyholders. The life company's records should also show the names of the trustees if the original policyholder had assigned the policy to trustees and given notice of the assignment to the life company.

In this Q&A, the life assurance company records contain the trust endorsement but the policyholder is

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