Will putting my insurance in a trust require a signature or two?

A question about : Will putting my insurance in a trust require a signature or two?

Hi, all,

I wanted to just do a simple will but can't find the two signatures I need for one. Will putting my life insurance in to a trust or whatever it is require a signature? Or can I use someone easy for a signature, like doctor? What is the whole trust thing as well? Thanks.

Best answers:

• Just signatures from settlor(s) and trustee(s)
• You can get in a serious mess putting things into trust. Unless you're *certain* you know what you're doing, it's probably best to get some paid-for advice.
  You could try a solicitor for a will, or a financial adviser if you're wanting to put your life policy in trust.
  The question "what is the whole trust thing" has many long and complicated answers! Maybe you could give us a better idea of what you're trying to achieve?
• Putting a life policy in trust will mean that the policy owners will be the trustees, this can mean that the life plan will pay out quicker as the life company will not need to wait for probate, Also the proceeds of the life plan will go to the right people that you would want to benefit from the policy. Lastly the sum assured will not form part of your estate for IHT so perhaps save 40% - Best to see and talk to a financial adviser
• Thanks, all.
  It's fairly simple. When my times comes, at the moment, there's only one person I want all my life insurance and possessions to go to, my brother. So putting it in a will seemed uncomplicated, as all I have to pass on are life insurance, possessions, and money in my bank account. I have no mortgage or other debts. But you need two signatures for a will and I'm not sure who to use. I just have heard that another option is a ''trust'' but I have no idea what a trust is or if it would require a signature.
  Thanks.
• I don't think you should let the minor difficulty of finding signatures influence your decisions on such major matters as these.
  You only need yor own signature on a will, plus two unconnected witnesses to your signature who could be almost anyone. You can call in someone off the street if you like - you need never see or hear from them again.
  If you are creating a trust then you need to chose trustees to operate it for you after your death. These are much more important - fundamentally you need, as the name implies, to trust them. Also they need to stand a chance of outliving you. So there's no point in picking your contemporaries.
• Doing a will and putting a life policy in trust are 2 different things - The will is a legal document that will transfer your assets to who you want it to go. HOWEVER a life policy will be paid into your estate and then the executors will distribute your assets according to the will. But the life plan will have to wait for probate and that can take months and I have seen probate take years. By putting the plan in trust to your brother you will not have to wait for probate and the money can be paid to your brother in days or perhaps a week or two. Also if Life plan not in trust it could be subject to IHT at 40% before your brother can even use it.
  Do a will AND put the life plan in trust - Do not delay do it now