- The simplest type of trust but once set up it isn't possible to change the beneficiary(ies) or the share each beneficiary is to receive.
- You should only use this trust if you’re absolutely certain you know who you want to benefit from the plan proceeds. After the trust has been set up, it isn’t possible to add future born children or grandchildren as beneficiaries for example. If you need flexibility then a different type of trust would be more suitable.
- You (the ‘donor’) cannot benefit from this type of trust and so it isn’t suitable for plans which include critical illness cover. That’s because you won’t be able to benefit from your critical illness cover.
- The Absolute Trust is suitable for single life and joint life second death plans only - not joint life first death plans.
Before you apply to place your new Zurich plan into trust, you should consider your circumstances carefully and make sure you have read and understood the details of your chosen trust.
Also don’t worry, there isn’t a rush to put your plan in trust. It’s an important decision you should consider carefully, and it’s a step you can take any time after your plan is set up.
It’s also important to complete the trust deed correctly as it will be a binding legal document and the benefits of the plan will no longer be yours, but the trusts. Don’t let this worry you though – we have a team of experts who can help ensure you follow the process correctly.