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Our Probate Trust allows your client to grant their beneficiaries quick access to their bond funds after they die.
Please remember that the value of your client’s investment is not guaranteed and can go down as well as up. The value of the trust may be lower than the value of the initial investment.
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.
For new bonds, your client can choose from the following four 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.
Prudential can facilitate both set-up and ongoing adviser charges.
More information on charges can be found in A guide to the Probate Trust (PDF).
Tax rules can change and the impact of taxation (and any tax relief) depends on your client's 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.
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"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.