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A life insurance trust is often created so that the policy proceeds do not form part of the deceased's estate, or so that the proceeds can be obtained ahead of the grant of representation to the life assured's estate. See Practice Note: Creation of trusts—life insurance trusts.
Creation of a life insurance trusts can involve either an assignment of an insurance policy together with a declaration of trust or the creation of a settlement containing an express assignment of the policy. Where a settlement is created containing an express assignment of the policy, the usual structure is:
the insurance policy is assigned to a trust
the terms on which the trustees are to hold the trust property are set out
the trustees are given overriding powers
there is an ultimate trust
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