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JustAnswerKM, Solicitor
Category: Law
Satisfied Customers: 42
Experience:  Court of Protection, civil litigation, divorce and inheritance
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In 1982 I took out a life insurance policy with Abbey Life

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In 1982 I took out a life insurance policy with Abbey Life as I had 5 young children aged 8 or less. The policy is in trust to the 5 children and at the time my then wife was the only trustee. My wife left the family home in 1993, leaving me with the 5 children. In 1994, following advice from my financial adviser, my eldest child (daughter, then 20 years old) and one of my sisters were added as two extra trustees. Now that all my children have left home and have families of their own, I want to surrender the policy as it has some monetary value. However, Abbey Life have advised that I have to get all three trustees to sign the surrender form. I have no idea where my ex-wife lives and my daughter moved to New Zealand several years ago and I do not know her address. I have advised Abbey Life of this situation and they say they can't help and I should get legal advise. So I need to know what I can do to surrender the policy that is in trust but I have no way of getting the signatures of two of the trustees.
Good morning Thank you for your message, I will do all I can to help. When you appointed your eldest daughter and sister as extra Trustees, they essentially were tied into a 'contract', to act in a fiduciary position and to act in good faith and uphold their duty to administer the trust for the benefit of your children. I appreciate they probably haven't done much since, to demonstrate that they are active Trustees but once you executed (signed) the policy (trust) with the 2 extra Trustees, the trust took immediate effect. Changes can be made if the Trustee retires or passes away.That leaves us with the exercise of tracing the Trustees. You can instruct tracing agents in the UK to search for your ex-wife. There are tracing agents that can do this for you on a 'no-trace-no-fee' arrangement. You can also instruct a tracing agent or private investigator in New Zealand to search for your daughter. I hope that helps. Best of luck, Kind regards Krystel *Please rate my answer so I can be credited for it.
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