"If I’ve nominated my children and they’re under 18. When I die, how will you pay out my death benefits?"

If your beneficiaries are under the age of 18 (known as minors), the lump sum will be held in trust until they come of age (we’ll require a copy of their birth certificates).

We’ll arrange for a simple Deed of Settlement to be drawn up and for trustees to be appointed to look after the money until your children come of age. We suggest that 3 Trustees be appointed who should be suitable persons to look after the children’s interests.

We’ll need to see documentary evidence of the Trust bank account to include the title, sort-code and account number (eg a letter from the bank on their own headed paper). For building society accounts we would also need the roll number. We will then pay the death benefit directly into the Trust bank account.

If the Trustees have any queries concerning the settlement, we suggest they contact a solicitor about the implications of entering into such an arrangement.