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Protection Gift Trusts Discretionary Trust Deed - Legal & General

Protection Gift Trusts Discretionary Trust Deed - Legal & General 2025

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The document outlines the procedures and requirements for establishing a Protection Gift Trust with Legal & General, specifically focusing on a Discretionary Trust Deed. It includes a checklist for necessary information and signatures, important notes regarding legal and tax implications, definitions of key terms such as Settlor, Trustees, and Beneficiaries, as well as provisions for managing the trust fund. The trust is designed to hold life insurance policy benefits for the benefit of designated beneficiaries while allowing the Settlor to retain certain benefits under specific conditions.

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Click ‘Get Form’ to open it in the editor.
Begin by inserting the Policy Number in the designated box. If unknown, leave it blank for now.
Proceed to date the Trust on page 3, ensuring it is after all parties have signed.
Complete the Settlor’s details on page 3, including name and address. If there are joint Settlors, include both.
On page 4, insert details of any additional Beneficiaries not already listed.
Decide whether to retain terminal illness benefits on page 5 and indicate your choice.
Fill out the application or existing policy details on page 7 accurately.
Sign the Trust on page 8 and ensure signatures are witnessed by an independent adult.

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What is discretionary trust deed?

A discretionary trust allows a person to hold onto their assets without being the legal owner of the property. This can have docHub advantages. For example, if a creditor pursued a beneficiarys assets, the trust property is generally protected because the trustee is the legal owner rather than the beneficiary.

What are the downsides of a discretionary trust?

What are the disadvantages of discretionary trusts? Discretionary trusts can be complex, requiring trustees to understand trust and tax laws. Not all potential beneficiaries are guaranteed to benefit, as trustees have discretion over who receives benefits and how much.

Who owns the money in a discretionary trust?

By placing the assets in a Discretionary Trust, the assets remain under the control of appointed Trustees and not the beneficiary. This means that a beneficiary who is incapable of managing their own affairs would have any inheritance managed on their behalf by the Trustees.

What is a discretionary trust deed?

A deed used to create a discretionary trust. A discretionary trust is a flexible trust structure in which none of the beneficiaries has the right to the capital or income of the trust. It is often used to benefit the settlors family for a family trust structure.

What is a discretionary gift trust protection?

Discretionary Trust This trust offers most flexibility as the trustees can choose from a wide range of beneficiaries, including the spouse and children of the settlor. The trustees have discretion about which of the beneficiaries will receive any benefits, how much they will receive and when they will receive it.

What is the purpose of a discretionary trust?

Discretionary trusts are sometimes set up to put assets aside for: a future need, like a grandchild who may need more financial help than other beneficiaries at some point in their life. beneficiaries who are not capable or responsible enough to deal with money themselves.

Protection Gift Trusts Discretionary Trust Deed - Legal & General 2025

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