A common issue that arises is dealing with insurance companies over the names on insurance policies. Technically, insurance should held in the name of the owners of a property.
In the case of a trust, the legal owner on the title of a property is the trustee/s (while the beneficial owner is the beneficiaries). Clients tend to say “ the owner is the trust”, for example the “Smith Family Trust”. Assuming the trustees are Mary & John Smith and an independent trustee called XYZ Trustee Limited, the better description is “Mary Smith, John Smith and XYZ Trustees Limited as Trustees of the Smith Family Trust”. That's a bit wordy, so alternatively the shorter version of “Mary Smith, John Smith and XYZ Trustees Limited” will legally suffice.
A minute referring to the existence of the insurance policy or life policy in such circumstances, prepared and signed by the trustees, is prudent.I have found "Life on Line" very enlightening. Once entering all the necessary information into "Life on Line" system, with very much user friendly consultants, I was able to see my position very clearly. Life on Line also has a number of other functions that I am sure I will find very helpful in the future. Look forward to keeping up to date with "Life on Line". Regards - Trevor Morris – Cambridge
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