I am having trouble understanding if this is correct, a life assurance Policy was created with the Donor as sole trustee in 1992,She then issued a deed of appointment of additional trustees in 1992, 6 months later.
Now the settler before she passed created a trust nominating Discretionary trustees who are not trustees of the policy, these trustees claimed the life company contacted them and revealed the contents and names of the trustees the beneficiaries and policy value.
Can the Will trustees issue a deed of deeds revocable irrevocable to alter the policy when the have been appointed to the policy.
Lastly, which group of trustees draft the deed.
The Policy is not mentioned in the Will too
It is my understanding that in most cases, the Trustees of the Life policy are the company and a Trust set up in the Will to administer the proceeds of the policy on death. The policy trustees then passing the payment to the new Trustees of the Will for administration in accordance with the Will.
Thank you for your reply, There was no provisions or a trust containing the policy within the Will at all.
Will trustees obtained the policy with a declaration of lost policy and the deeds…
As of now i have a solicitor on the case, i will know soon…
Again, thank you for your time …