Can I put my testamentary trust as the insurance nominee?

Generally, you cannot put the testamentary trust as the nominee of your insurance policy.

A testamentary trust is only set up upon death, which means it does not exist till then. 

For testamentary trusts managed by your friends and family, even if they are your trustee, nominating them can mean that your are giving them the proceeds instead of that it is to be put in the trust.

However, some professional trustees will ask you to nominate the trustee instead, as they would have a separate document detailing that proceeds are meant for a particular trust. Always seek the advice of the trust company if they are the trustee.

If you want to allocate the insurance to the testamentary trust through the Will, you can do so under the Allocate Assets tab.

Particularly for insurance or any others that you can "do nomination", make sure that you do not have any nomination for the policy as the nomination will override the Will based on our platform.

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