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I am writing regarding a pension policy which my partner of

15 years holds which he...
I am writing regarding a pension policy which my partner of 15 years holds which he wishes to put into trust for me, and to nominate me as sole beneficiary. He has completed a trust declaration form and nominated me as a trustee, and also attached letter of wishes nominating me as sole beneficiary. i have just read in notes that in the event of his deathif only one trustee is appointed, the executor of will would have to be appointed as 2nd trustee before benefit of policy can be assigned. i am the sole executor of the will, so would i have to appoint 2nd additional trustee, or should he add additional trustee to the original trust declaration form.
Thank you for your assistance.
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Answered in 2 minutes by:
10/16/2013
Stuart J
Stuart J, Solicitor
Category: UK Property Law
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Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
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Just to clarify, you are the sole executor and the beneficiary of the trust?
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Customer reply replied 4 years ago

I have been appointed additional Trustee of the policy by my partner, and am the sole beneficiary.


 


I am the sole Executor and beneficary of his Will.



He needs to appoint another trustee now in the
trust deed. Trustee does not need to be a beneficiary but can be anyone you
trust. You will still be the sole beneficiary.

The reason is that a single beneficiary cannot
give a valid receipt and there must be to beneficiaries. It is a legal thing
going back hundreds of years.



It doesn't matter in the case of your will
because you are the only beneficiary but for the purposes of the trust, it
needs two trustees



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