A policy was taken out on the life of a minor and placed in an absolute trust. The beneficiary is the life assured. The trustees were the life assured’s parents, both have now died.
In England the executor of the last trustee to die can step in and appoint a new trustee or assign the policy to the beneficiary and we have a deed to do this. But I note that in Scotland the executor would have to get a separate grant of confirmation for the deceased’s estate and another one for the trust in order for him act with regards to the trust. Or he would need to ask the Court to appoint a new trustee.
The executor appointed in the will is the life assured/beneficiary. Confirmation is not being obtained as the deceased’s estate was used to pay care home fees and there is nothing left. The policy only has a surrender value of £19,000 and the life assured/beneficiary wishes to surrender it.
Is there any way that we could either transfer ownership to the life assured/beneficiary or let him surrender the policy, without him having to go to Court or obtain a grant of confirmation?