Changes to Royal Skandia Trusts

It has come to our attention that Royal Skandia are interpreting Isle of Man trust legislation differently to other companies in the offshore investment industry.

If you have your plan in a trust then RS will only pay withdrawal or surrender requests into bank accounts in the name of the trust itself and not to an account of an individual trustee or even the donor. This has caused considerable problems at the worst times for clients wishing to take monies out of their savings.

There is only one solution that we recommend and we suggest that, if you still have your plan under trust, you sort this out now and not at the time you need the money. Some clients have already done this successfully so we have experience in getting the documentation done correctly. Be warned that this can take several weeks to go through.

It can be broken down as follows.

A) Dissolve the trust and reassign the plan back to the original owner.
B) The new (original) owner can then do a simple nomination of beneficiary to avoid probate in the Isle of Man.

As well as the forms for doing A) and B) we also need to go through the whole Anti-Money Laundering process which involves proof of identity and residence address for the original trustees along with proof of identity, residence address and income for the “new” owner as well.

Please Contact Me if you are interested to make the changes or if you have any further questions.

Kind regards

Tony