Can I put in a general instruction for all insurance policies where I am the policy owner but not the life assured to transfer the policy ownership to the specific life assured (after my death) in my Will?
Subjected to any additional terms / restrictions within the policy itself, you can do it through a Will!
This will include all insurance policies bought before the testator's death (including policies bought after signing the Will).
Under Select Clauses >> Other Instructions, key in the following:
For all insurance policies where I am the policy owner and my {Relationship}, {Name}, {Identification Number/details}, is the life assured, I direct my Executor(s) to transfer the policy ownership to {Beneficiary’s Name}.
You can repeat the instructions accordingly for each individual beneficiary.
If the intended beneficiary might still be underage, you can instead put:
For all insurance policies where I am the policy owner and my {Relationship}, {Name}, {Identification Number/details}, is the life assured, I direct my Executor(s) to transfer ownership of the policies to {Beneficiary’s Name} upon my passing. If {Beneficiary’s Name} is not of sufficient age to legally hold the policies in his/her own name at that time, the policies shall be transferred to {Beneficiary’s Name}’s Guardian to hold in trust, with the express condition that full ownership is transferred to {Beneficiary’s Name} once he/she is of sufficient age to legally hold the policies him/herself.
