IRREVOCABLE DEED OF APPOINTMENT AND ASSIGNMENT

Transcription

1 IRREVOCABLE DEED OF APPOINTMENT AND ASSIGNMENT

2 FOR THE TRUSTEES OF AN EXISTING SCOTTISH WIDOWS OR CLERICAL MEDICAL FLEXIBLE OR DISCRETIONARY TRUST TO APPOINT AND ASSIGN POLICY SEGMENTS OR WHOLE POLICIES TO A BENEFICIARY INCORPORATING THE CONSENT OF THE PROTECTOR (IF ANY). IMPORTANT NOTES This deed is produced as a standard form for use with existing flexible or discretionary trusts. It is a document with legal significance and you should not sign this deed unless you understand its effects and are satisfied that it achieves your objectives. Scottish Widows strongly recommends you seek independent pressional advice if you have any doubts about the deed or its consequences. Where there is a protector who is also one the trustees, his/her details should also appear as a trustee and he/she must sign both as protector and as a trustee. If you are satisfied the deed meets your objectives, please complete and sign it in accordance with the notes in the margin. All parties must initial any amendments or correction errors made to the deed before it is signed. Signatures must be witnessed by an independent person who must sign and then print his or her full name and address. Executed deeds will form part the Trustees records. The deeds provide evidence that the appointments and assignments have been made within the Trustees powers and not in breach trust. If an irrevocable appointment is made to one the beneficiaries, there may be a charge to inheritance tax, known as an exit charge. Please refer to your financial adviser for more details. Please send the completed deed to the fice that deals with the administration your trust policies/investments so that our records can be updated accordingly. If you are in any doubt as to the correct fice please refer to your financial adviser who will be able to advise. 1

3 Insert date signing (in Scotland, this should be the date that the last person to sign the deed, signs). Insert full name and address each trustee (including the Protector (if any) if also a Trustee). Some trusts allow for the appointment a Protector who has power under the trust to veto appointments to beneficiaries and must consent to the addition or exclusion beneficiaries from the beneficial class. The Protector (if any) will usually have been appointed by the Settlor on the original trust document. There may or may not be a Protector under your trust. If you are in any doubt as to whether there is a Protector, you should refer to your financial adviser who will be able to assist you. This DEED OF APPOINTMENT AND ASSIGNMENT is made on (DD MM YYYY) 2 0 BY Full name trustee Address trustee Town/city birth Country birth Country residence Country any residential and Full name trustee Address trustee Town/city birth Country birth Country residence Country any residential 2

4 and Full name trustee Address trustee Town/city birth Country birth Country residence Country any residential and Full name trustee Address trustee Town/city birth Country birth Country residence Country any residential 3

5 Insert full name and address Protector (if any). Where there are joint Protectors then both persons names and must be provided. ( The Trustees ) and Full name Protector Address Protector If there is no Protector, please leave this box blank and Full name Protector Address Protector ( The Protector ) Insert full name and address and further details the Beneficiary. Full details the Beneficiary are required for prevention money laundering purposes. Documentary pro is required to confirm the identity the Beneficiary. and Full name Beneficiary Address Beneficiary Date Birth (DD MM YYYY) Town/city birth Country birth Country residence Country any residential 4

6 Insert type trust eg Scottish Widows Flexible Gift Trust. Insert name settlor(s) and date trust created. ( the Beneficiary ) WHEREAS 1. The Trustees are the present trustees a made by on (DD MM YYYY) 2. The Protector (if any) is the present protector as defined in the Settlement ( the Settlement ) 3. The Beneficiary is a member the class persons able to benefit from the trust fund at the discretion the trustees 4. The Trustees wish to exercise the power appointment vested in them by the Settlement in the following manner NOW THIS DEED WITNESSETH as follows: 1. The Appointed Fund shall mean that part the Trust Fund as is represented by the policies specified below: Policy number Issued by Policy number Insert details policies to be assigned (policy/segment numbers where appropriate and issuing company eg Clerical Medical). Issued by Policy number Issued by 2. That the Trustees in exercise the power vested in them by the Settlement and every other power (if any) hereby IRREVOCABLY appoint and declare that the Appointed Fund shall from the date this Deed be held upon trust for Name Beneficiary absolutely 3. That the Trustees hereby assign the Appointed Fund to Name Beneficiary 4. Such assignment shall discharge the Trustees from administering the Appointed Fund as trustees under the Trust. 5. The Beneficiary hereby accepts intimation the assignment 6. That where there is a Protector the Protector consents to the appointment by signing this deed. 5

7 IN WITNESS where the parties hereto have hereunto set their hands the day and year first before written Insert name and signature trustee (including the Protector (if any) if also a trustee). Name trustee Signature trustee Insert full name and signature trustee. Name trustee Signature trustee Insert full name and signature trustee. Name trustee Signature trustee Insert full name and signature trustee. Name trustee Signature trustee 6

8 Insert full name and signature Protector (if any). Name Protector Signature Protector Insert full name and signature Protector (if any). Name Protector Signature Protector Insert full name and signature Beneficiary. Name Beneficiary Signature Beneficiary Scottish Widows Limited. Registered in England and Wales No Registered fice in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number /15