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Probate scheme.
The Probate Scheme enables an individual to place an investment bond into Trust whilst continuing to benefit from the investment during their lifetime. The Scheme is not effective for inheritance tax purposes, since the settlor/donor retains an interest. However, by placing the investment within the trust it ensures that any proceeds on surrender of the bond on death is paid to the trustees, outside of the settlor/donor's estate for probate purposes.
- Places the proceeds of the investment bond on surrender outside of the estate for probate purposes.
- Settlor/donor retains access to the investment bond during their lifetime.
- The probate scheme is ineffective for inheritance tax purposes.
- The trust will continue to the end of the trust period (125 years) or until the trust fund has been distributed to the beneficiaries in full.
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