Hi geearr

Yes it will be regarded as an asset.

I don't think your wife can be regarded as a creditor in the circumstances described.

Mark

Hello Mark, Thanks for your reply. Another point which may be of general interest, if a third party was to pay the surrender amount to the estate now, and the premiums continued to be paid,would the surrender value in 3 years still be regarded as an asset & taken by the TD at this later date,rendering the buyout a waste of time.

Hello geearr

If the trustee's interest in the asset was bought out at the start by a third party then that should be that - it shouldn't be reviewed again at the end of the trust deed.

Hi, Mark, Thanks for your reply. The point that arises now may be outwith your remit here. Should I let the policy be cashed in or arrange a third party buy out. Given the figures is this a suitable item for your comments. Is it within allowable or acceptable practice for me to seek expert advice on a private fee basis from a suitable expert to double check things as they proceed. Like others I would have wished to have discovered this excellent site at an earlier stage. I have been a client with another dept of my trustee for over 30 years but have noticed a distinct cooling in a formerly good relationship.

Hi geearr

It is difficult to comment on the policy as you will need to make the final decision. It is always beneficial to have some insurance and the cost of this should be a acceptable cost in your expenditure.

I'm not too sure what you mean in the 2nd part of the posting. I think it is always good to seek the opinions of others on matters, but would always try to get this free of charge. I'm not sure a Trustee could allow the expense of professional fees for someone to check that the Trust Deed is being properly adhered to.

Mark

Hello geearr,

I think you will want/need the advice of a suitably qualified IFA with regard to the whole of life policy. The considerations regarding suitable cover being in place are beyond our remit.

In terms of the second part of your post, and based upon all of the feedback elsewhere in the forum, I would suggest that you do not proceed with signing a Trust Deed unless (and/or until) you are very comfortable with the business and people who will be handling it.

Hi, Again all.To answer Trust deed assistant's point first, The trust deed is in place and has a week to go until PTD point. The Trustee's firm have been my IFA & broker for over 30 years so I know them well.On Mark's point I feel there is a need in some circumstances to consult another expert for a second opinion or simply comfirmation that things are Ok. I would not expect this to be free nor that the estate should pay. My concern was that professional protocol may not permit this. As Mark suggested a few calculations showed the third party buy out to be worthwhile,and Kevin's input has now been confirmed ie after buyout the estate has no further claim on the policy proceeds. After a word with my old pal now the senior partner, an attitude realigngment has become apparent. I will keep posting on progress

Hi geearr

If it's on Trust Deed process, then possibly best to post on here. I'm sure we will keep you right on matters (and won't charge you a fee!)

Mark

Apologies to Kevin, I addressed my third post to Mark in error. Is there an edit facility on the board?

Thanks for that,mark.

Hello geearr,

You can edit your previous post if you wish.

When you look at the post, provided you are signed in, you should see a symbol at the top of the post that looks like a piece of paper and a pencil.

If you click on that you'll be able to edit the content.