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RELEVANT LIFE POLICY TRUST AND

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The document provides guidelines for completing the Relevant Life Policy Trust and Nomination Forms specifically for Royal London Relevant Life plans. It outlines the process for employers to establish a trust to provide death benefits for employees outside of a registered group life scheme, detailing the responsibilities of both employers and employees in completing the necessary forms. The trust is designed to hold benefits in discretionary trusts, which typically do not form part of the employee's estate for inheritance tax purposes. The document emphasizes seeking independent professional advice and includes administrative provisions, definitions, and instructions for submitting completed forms.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the difference between a trustee and a beneficiary in a life insurance policy?

A trust is a legal agreement where one party, typically known as the grantor, transfers assets to another party, known as the trustee, to hold and manage those assets on behalf of a third party or parties, known as the beneficiaries.

Should I put my life insurance policy in my trust?

For most people, a life insurance trust may not be necessary. Establishing an irrevocable life insurance trust costs a lot of time and money, and the tax advantages they offer typically only make sense if you have a high net worth.

What will be the disadvantage of naming a trust as beneficiary of a life insurance policy?

Mistake #1: Waiting to Buy Insurance Life insurance rates generally increase as people age or their health deteriorates. In some cases, illnesses or health problems may make you ineligible for coverage. The longer you put off the buying decision, the more the insurance will probably cost -- if you can buy it at all.

Why add trust to insurance policy?

By proactively updating your homeowners insurance policy to reflect your homes ownership by a trust, you can safeguard against potential coverage issues and ensure comprehensive protection for your property and assets.

What is the difference between a trust fund and a life insurance policy?

Your earnings on a pre-need trust can be used to cover the gap between todays costs and tomorrows costs. An insurance policy, on the other hand, has extremely limited growth potential. By law, a percentage of the contract must be held in reserve, and there is a cap on your earnings.