Fillable Flexible Trust Deed Form (Page 6 of 12) in pdf

Part b. Definitions (continued)

Any death benefits

are held for the

9. The Gifted Benefits and the Retained Benefits

beneficiaries of the

Trust. Any critical

9.1 Subject to the proviso in sub-clause 9.4 the Settlor gives all the benefits (the ‘Gifted Benefits’) under the Policy

or terminal illness

(other than any benefit payable on a claim arising from the contraction or diagnosis of a critical or terminal illness

benefits as defined

(as defined in the Policy) (the ‘Retained Benefits’)) to the Trustees to hold on Trust subject to the powers and

in the Policy will

provisions of the Trust as set out in this Deed.

be paid to the

Settlor(s).

9.2 The ‘Gifted Benefits’ include any Accidental Death Benefit cover that Legal & General may give pursuant to the

application to Legal & General for the new policy as set out in the schedule.

However, if the

9.3 The Settlor irrevocably disclaims any lien or charge on the Policy for the repayment of any premium.

Settlor(s) sign this

box, they will not be

9.4 If the Settlor signs this box the Settlor also gives the Retained Benefits to the Trustees to hold on trust subject to the

able to receive any

same powers and provisions as are set out in this Deed and the Gifted Benefits shall include the Retained Benefits.

critical or terminal

illness benefits and

First (or sole) Settlor

Second Settlor

they will become

Gifted Benefits and

will also be held for

the beneficiaries of

the trust.

10. Excluded Persons

10.1 The Trustees may at any time or times during the Trust Period, declare by deed or deeds that the objects or

persons or classes of objects or persons named or specified (whether or not ascertained) in such deed who are,

would or might, but for this clause, be or become Beneficiaries or otherwise able to benefit, as the case may be,

shall, in relation to the whole or any part of the Trust Fund, be excluded from benefit (both direct and indirect)

and shall be known as ‘Excluded Persons’.

10.2 The power conferred by sub clause 10.1 shall not be capable of being exercised so as to take away any interest

to which any of the Beneficiaries has previously become indefeasibly entitled.

10.3 Any declaration made pursuant to sub clause 10.1 may be revocable, during the Trust Period, or irrevocable to

take effect before the end of the Trust Period and shall have effect from the date (not being a date earlier than

the date of such instrument) specified in the instrument.

10.4 The Settlor shall be an Excluded Person and this exclusion shall not be revocable.

11. The ‘Trust Fund’

The Trust Fund means the Gifted Benefits contained in the Policy set out in the Schedule to this Deed together with any

and all other property at any time added to this Trust by way of further gift, capital accretion, accumulation of income

or otherwise and all assets from time to time representing the same.

12. The ‘Trust Period’

The Trust Period means the period of 125 years beginning with the date of this Trust.

13. Construction

13.1 In this Deed words importing the singular shall include the plural and vice versa. Words importing a gender

include every gender.

13.2 The notes in the margin are for the purposes of information only and shall not be used in the construction of the

Trust or any part of it.

13.3 ‘Charity’ means a trust or corporation, association, society or other institution established only for charitable

purposes in accordance with the governing law of the Trust.

13.4 Legal & General shall mean Legal & General Assurance Society Limited.

13.5 ‘Policy’ shall mean either the policy or policies effected pursuant to the application to Legal & General or the

existing policy, in either case as set out in the Schedule, and in either case shall include any variation or

amendment to the same.

13.6 ‘Spouse’ shall include a civil partner registered under the Civil Partnership Act 2004 and ‘husband’, ‘wife’,

‘widow’ and ‘widower’ shall be construed accordingly.

Legal & General Protection Gift Trusts – Flexible Trust Deed

Page 6/12

Flexible Trust Deed Form Page 6

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