Married Women's Property Act 1874
1.Section 6 of this act provides that a life insurance policy that has been taken out bya married man on his own life, for the benefit of his wife and children, shall be deemed to be a trust and will be outside the control of the life insured, his creditors, court attachment etc.
2.A trust is a legal agreement, which has 3 parties associated with it-
3.A Trustee must be a major(18 years and above) and their consent to act as a trustee should be taken and added to the policy as an endorsement.
4.The trustor, or the author of the trust is the person who forms the trust.
5.The trustee can either be a person or an entity who/which is responsible for managing the assets, the ownership of which is entrusted to them as a 'trust' by the trustor.
6.The beneficiary is an individual/ entity who receives the benefits from the trust.
1.Section 6 of this act provides that a life insurance policy that has been taken out bya married man on his own life, for the benefit of his wife and children, shall be deemed to be a trust and will be outside the control of the life insured, his creditors, court attachment etc.
2.A trust is a legal agreement, which has 3 parties associated with it-
- A trustor
- A Trustee and
- A beneficiary
3.A Trustee must be a major(18 years and above) and their consent to act as a trustee should be taken and added to the policy as an endorsement.
4.The trustor, or the author of the trust is the person who forms the trust.
5.The trustee can either be a person or an entity who/which is responsible for managing the assets, the ownership of which is entrusted to them as a 'trust' by the trustor.
6.The beneficiary is an individual/ entity who receives the benefits from the trust.
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