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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 through a Discretionary Trust Deed with Legal & General. It includes a checklist for necessary information, important notes regarding legal and tax implications, definitions of key terms such as Settlor, Trustees, and Beneficiaries, and 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 critical illness benefits if desired.

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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, add any additional Beneficiaries not already listed. Use a Continuation Sheet if necessary.
Decide whether to retain terminal illness benefits on page 5 and mark your choice accordingly.
Fill in details of the application or existing policy on page 7, ensuring accuracy.
Sign the Trust on page 8 and ensure signatures are witnessed by an independent adult.

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What is a discretionary gift trust protection?

For Protection. Our Flexible (Discretionary) Gift Trust is written on a discretionary basis, the trustees use their discretion when deciding who ultimately benefits from the trust capital. As this is not a split trust the life assured, or settlor does not retain an interest in the policy.

What is a discretionary gift trust?

Based on this principle, the Discretionary Gift Trust provides a way of holding an investment, be it single premium life assurance investment bonds (Bonds) and/or holding of shares or units in unit trusts, OEICs or SICAVs (investment funds*) for the benefit of another individual or individuals.

What is the downside of a discretionary trust?

Disadvantage 1: Complexity Like other trusts, setting up a discretionary trust can be complicated. The complexity depends on: Whether its a company structure (more complex) or a family trust. The number of beneficiaries.

Who owns the money in a discretionary trust?

In the case of a Discretionary Trust, the Trustee has legal control of the funds. Therefore, they are the legal owner. However, the funds are held and distributed to benefit the beneficiaries. The beneficiaries are the beneficial owners.

Why would you set up 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.

How does a discretionary trust protect assets?

A discretionary trust separates ownership from control. Ownership by the trustee for the beneficiaries of the family trust keeps assets out of harms way from any claims against a person. This is even where the person may, as director of the trustee company, control the trustee!

What is the biggest mistake parents make when setting up a trust fund?

Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.

Protection Gift Trusts Discretionary Trust Deed - Legal & General 2025

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What is a discretionary gift trust protection?

What is a discretionary gift trust?

What is the downside of a discretionary trust?

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Protection Gift Trusts Discretionary Trust Deed - Legal & General 2025

Here's how it works

How to use or fill out Protection Gift Trusts Discretionary Trust Deed - Legal & General

See more Protection Gift Trusts Discretionary Trust Deed - Legal & General versions

Complete this form in 5 minutes or less

Got questions?

What is a discretionary gift trust protection?

What is a discretionary gift trust?

What is the downside of a discretionary trust?

Who owns the money in a discretionary trust?

Why would you set up a discretionary trust?

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People also ask

How does a discretionary trust protect assets?

What is the biggest mistake parents make when setting up a trust fund?

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