Trust forms - what and why?

Although trust forms are not as talked about as life insurance itself - they are some pretty important pieces of paper so being clued up on what they are and why they exist is essential if you’re taking out a policy!

What is a trust form?

A trust form is a legal document in which you can outline exactly who you want to receive the pay-out from your life insurance policy. If you are appointing multiple beneficiaries (the people you want to receive the money from your policy) some insurers even allow you to detail the percentages of how much each person will receive!

Why are trust forms so important?

Putting your life insurance policy into trust is not a necessity, however, rather more of an important luxury.

Without writing out who you want to receive the money from your life insurance, the pay-out from your policy may not reach your loved ones. By completing your trust forms, you can also bypass probate (the legal process which can delay you getting the pay-out) and mitigate inheritance tax.

Anyway, all the legal advantages aside, the most important part of putting your life insurance policy into trust is the peace of mind it can give you. Once you have sorted out your life insurance and finished your trust forms, you can relax knowing that your loved ones can be financially protected by your policy, if the worst were to happen.

Are life insurance trust forms easy to complete?

The forms are relatively simple to complete and all tend to have a similar structure. However, there is a bit of jargon to get through which is why, at Busy Bee, we wanted to create a dedicated team that can help customers work through their forms with ease.

There’s no time limit on getting your forms sorted and our dedicated trust team is on hand, ready to talk you through the forms whenever you need. There is no such thing as a silly question and you can spend as much time as you need discussing the details of, and changing your forms.

How else can the trust team help?

The assistance from our trust team doesn’t stop after we have helped you complete your forms. Once you’re happy with everything, we send off your trust forms to your life insurance provider in pre-paid envelopes so that it remains a completely free of charge service for you. If they come back with any amendments that need to be made, we can send your forms back and forth through the post to you, as many times as you need, for free.

Once your trust forms have been processed by your insurance provider, and if you’re happy with everything, then we will send you a copy of them so you have them for safe keeping!

After everything is finalised with your policy and your trust forms, our aftercare doesn’t stop there. If you need any assistance with anything related to your policy in the future then we are on hand to help throughout the duration of your policy.