Trusts
What is a trust?
Business protection can be written under trust. In simple terms, a trust is a legal tool by which one person, known as the settlor, transfers assets to another person or people, known as the trustee(s), to look after on behalf of another person or group of people, known as the beneficiary(ies).
Why put a business protection policy into trust?
A trust may be appropriate when the business does not have a separate legal personality. However, careful consideration must be given as there many different types of trusts, which will vary according to the nature of the business.
How can policies be set up?
Joint life (including written in trust).
Own life (including written in trust).
Life of another (where the life assured is different to the policy owner).
