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Flexible Gift Trust (Discretionary)

Our Flexible Gift Trust can help your client to reduce the potential inheritance tax due on his or her estate. Because the Trust is written on a discretionary basis, the trustees use their discretion when deciding who ultimately benefits from the trust capital.

As this is not a split trust the life assured, or settlor does not retain an interest in the policy. This means that they cannot receive benefits from a death, terminal illness or critical illness claim.

Key points

  • Decisions about who will benefit can be changed
  • It can help your client to reduce any potential Inheritance Tax (IHT)
  • Speed of payment
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Who is it for? Why use a Flexible Gift Trust (Discretionary) How to proceed

If you have decided that a Flexible Gift Trust (Discretionary) is suitable for your client please send us the completed and signed trust documentation as soon as possible. We cannot treat a benefit as being under trust until we have received the relevant documentation.

Our trust forms are editable PDFs. This means that you can complete them online and email to your client for them to print and sign.

Completed, signed and dated, trust forms can be sent to us either by email (a scanned copy or even send a photo) or by post.

Please remember to include the relevant plan number and ensure that the form has been signed and dated.

Email: Protect@scottishwidows.co.uk

Address:
Scottish Widows Protect Servicing Team
15 Dalkeith Road
Edinburgh
EH16 5BU.

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Trusts are documents with legal significance that may affect the rights, obligations and tax position of your client and the beneficiaries. You should not proceed unless you are satisfied that you understand its effect and that it achieves your objectives. If you have any doubts or uncertainties you should seek the appropriate legal guidance. Special consideration may be required where persons are either resident or domiciled outside the UK.

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office 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 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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