H is the life assured but W is the policy owner.
W predeceased H.
When H dies, the policy will pay to W’s estate (and is currently registered in the names of her executors). The beneficiary of W’s estate is H.
H doesn’t want his estate to inherit the policy proceeds from W’s estate because it will increase IHT in his estate, but he’s out of time to use S142 IHTA.
Can W’s executors (the current “owners” of the policy) declare a trust over the policy?
The financial adviser thinks yes, I think no.