If you wish to transfer ownership of your Canada Life policy, create a trust or make alterations to a trust, this must be done by way of a Deed. We have provided a number of sample draft deeds below to deal with a variety of situations. All deeds should be reviewed by your own solicitor to ensure that it meets your requirements and so that you fully understand the implications of what you are doing.
If you cannot find a deed to suit your situation, please contact your own solicitor and ask him or her to draft a deed for you (at your own expense) and send it to us.
These deeds are only relevant for policies that can be assigned such as life assurance and investment policies. Please remember that a pension policy cannot be assigned and if you wish to transfer part of your pension policy as part of a separation/divorce arrangement, you must consult your own solicitor.
If you already have a policy and you now want to transfer ownership of the policy or create a trust, please see the list of options below. Please read the explanatory notes that accompany each deed to ensure you have chosen the correct option.
Yes, you do need to create a trust. Please see Deed 7: "Nominate a person(s) to benefit from your policy (held in joint names under a joint life last survivor policy) on death and otherwise than on death (such as serious illness claims, surrenders etc.)"
It is not necessary to appoint an additional trustee. However, it is recommended that you do so as to ensure that there is someone to give effect to the trust if you were to die. Please remember though that the trustees become the legal owners of the policy and any alterations to the policy will require the consent of all of the trustees and any claims on the policy will be made payable to all of the trustees.
You must obtain advice from your own solicitor on the consequences of creating a trust. Please be aware that on creating a trust, the trustees become the legal owners of the policy and any alterations to the policy will require the consent of all of the trustees and any claims on the policy will be made payable to all of the trustees.
The sample trust deed which we have provided creates a trust on the policy now and provides that the beneficiaries you nominate will benefit on death and otherwise than on death. This means that the trustees become the legal owners of the policy. Our sample deed does not provide for creating a trust effective only on your death. If you want such a deed, you will need to instruct your own solicitor to draft the necessary deed at your own expense and send it to us.
Stamp duty may be payable on the transfer of ownership or the creation of a trust. We have included a stamp duty form with each sample deed which gives more detail on whether stamp duty is payable. Generally speaking, where the transfer is between spouses, no stamp duty is payable. Click here for further general information on stamp duty.