Policy is written under MWPA (Married Women’s Property Act)
The policy was set up under the Married Women’s Property Act (MWPA).
This means that, when the life assured dies, the policy benefit passes directly to either their spouse, civil partner and/or children. Although the trust is named after the Married Women’s Property Act, you don’t have to be married or be a woman to set up the trust. The children can be biological children or adopted children.
The MWPA trust on the policy will state who the policy benefit passes to on death.
Utmost Life and Pensions will pay the benefit to the trustee(s).
The trustee(s) are responsible for ensuring that the policy benefit is paid to the beneficiary.
