Phoenix Life Policy

Trusts Discussion
1

A clients parents set up a policy with phoenix life which is now worth around £5,000. The policy pays on his death.

A flexible Trust policy was drawn up in 1992 which included a power of appointment.

The client exercised this Power of Appointment in 2009 and completed an “irrevocable appointment to X”

The client wishes to now change the beneficiary and X is in agreement.

As the policy is now held for X - can X give up or redirect the policy?

Thanks

2

If X is the only person now entitled to the proceeds of the policy, they should be able to assign it to a third party. I suggest they might contact Phoenix to see if there is a form of assignment that might be used.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals