William Morland

In 1990 my parents set up a life insurance policy with benefits to be paid to my sister and me in the event of the death of the last of our parents. The policy document lists both me and my sister as trustees and directs that we should share the proceeds equally between us. My father passed away in 2001 and my mother earlier this year. The death of my mother will trigger the payment of the life policy proceeds. The life policy is a "qualifying policy" and as such I don't believe there is any tax to pay on the proceeds. The trust only exists to receive the policy benefits which will be immediately paid out to me and my sister. From https://www.gov.uk/trusts-taxes/registering-a-trust I understand that there is no requirement for a trust of this type to be registered. Can you confirm this is correct?