SLI trust sidesteps IHT and IoM probate

The company based on the Isle of Man says the ‘Bare Trust For Settlor’ proposition will help investors steer clear of the costs and delays associated with obtaining probate in the Island. Life assurance policies issued by SLI are classed as Isle of Man assets, so when a policyholder dies, probate is required before ownership of the policy can be changed or payment of the policy proceeds can be made. In addition the company says as the settlor is the primary beneficiary, the ‘reservation of benefit provisions’ will apply and the trust fund will be treated as being in the settlor’s estate...