ORACLE APPLICATION FORM - LIFE ASSURANCE 20
THE BENEFICIARY
TRUST
Completion of this trust deed is
optional.
This form should be completed if you are
the owner(s) of a RL360 plan and want
the benefits to go to one or more adults
and/or children as beneficiaries in the
event of your death.
This form invalidates all previous
beneficiary designations therefore it is
important that it includes all details of all
the persons whom you wish to benefit.
You cannot use this form if you wish
to create a gift for UK Inheritance Tax
purposes.
If you cannot enter the details asked
for in the space available, please make
a note on the form and attach a page
containing those details.
This trust comes into eect upon the
death of the Relevant Person. The plan
benefits are then payable to the trustees
for the benefit of the beneficiaries in
accordance with the provisions in Part
C of this form. At such time as this trust
comes into eect it may be necessary
for RL360 to obtain the appropriate
identification documentation in respect
of the trustees and any beneficiary to
whom benefits are to be paid.
The plan owner(s) and the trustees
must sign this form at Part D.
INHERITANCE LAWS AND
BENEFICIARY DESIGNATION
Some countries have laws governing
the distribution of a person’s estate on
their death. Although the beneficiary
trust technically removes the benefits
of the plan from your estate, this could
be challenged. The legal basis for such
a challenge would be that the rights of
heirs may be placed above individual
rights to pass on assets on trust to
other parties. Authorities responsible
for judgements in such cases may use
discretion and uphold your wishes (as
expressed by using this form). However,
to avoid any doubt, you should seek
advice in choosing an appropriate
course of action.
CHANGES TO BENEFICIARIES
Completing a subsequent form can
change those named as beneficiaries in
this form.
THE RELEVANT PERSON
The plan owner, or where there are
joint plan owners, the last surviving
plan owner. Where there are joint plan
owners, the terms of this document
will have no eect unless both owners
are deceased.
RELEVANT EVENT
The death of the Relevant Person(s).
TRUSTEES
Trustees must be appointed to act
after your death and give instructions
concerning the plan or any benefits
arising from it. RL360 Insurance
Company Limited (“the Company”)
cannot be responsible for any actions
or omissions by those trustees.
TRUST FUND
The plan benefits of the plan detailed in
Part A of this trust deed.
INTERPRETATION
The Company will carry out the
instructions given by you as plan
owner(s). It cannot be held responsible
for any misunderstanding made
when the form was completed or any
changes in circumstances aecting
who should benefit from the plan. If any
challenges are made to the validity of
payments made under your instructions
in this form, they must be addressed
to the recipients of any benefits.
ASSIGNMENTS
If you assign the plan specified in
this form as security or collateral to a
financial body (such as a bank), that
assignment will take priority over
beneficiaries’ claim to any benefits
designated here.
BENEFITS WHERE NO BENEFICIARY
SURVIVES
If no beneficiaries are alive at such time
as any benefits become payable, all
benefits will pass to the estate of the
plan owner or where there are joint
plan owners, to the estate of the last
surviving plan owner.
ORACLE
