About the Probate Trust
The Probate Trust is designed to speed up the payment of policy proceeds by avoiding the need for probate in respect of the bond, ensuring that your client’s wishes are followed and potentially saving the costs of probate.
The trust will continue until the end of the trust period or until all assets have been distributed. Following the client’s death, the trust can continue or be wound up with the proceeds paid out.
The trust is discretionary - your client can change the beneficiaries and is also able to access the bond during their own lifetime. Payments can be made to beneficiaries at any time, including your client as settlor.
The Probate Trust is a single settlor trust and can only be used with single owner bonds.
Features and benefits
Investment options
For new bonds, your client can choose from the following three options, offering access to a diverse range of investments.
Additionally, your client may be able to use the Probate Trust with an existing Prudential or Prudential International Bond.
Charges
Prudential can facilitate both set-up and ongoing adviser charges.
More information on charges can be found in the client guide to trusts.
Important information
The impact of taxation (and any tax reliefs) depends on your client’s individual circumstances.
The information is based on our understanding, of current taxation, legislation and HM Revenue & Customs practice, all of which are liable to change without notice.
