Probate Trust

• The Probate Trust is designed to speed up the payment of policy proceeds to your client’s beneficiaries following their death.

• Your client can access the bond during their lifetime.

• A discretionary trust where the trustees can choose to make payments to any beneficiaries within the trust.

• Choice of four investment wrappers from Prudential and Prudential International offering access to a diverse range of funds.

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.

• Prudential Investment Plan

• Prudential Onshore Portfolio Bond

• Prudential International Investment Bond

• Prudential International Investment Portfolio

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.