Bernadette Lewis, financial planning manager at Scottish Widows, says: "If a policyholder wants to continue to ensure that their policy proceeds go to the right hands at the right time, they must review their trustees and any letter of wishes as their circumstances change.
"Usually, a suitable trust was set up at outset, but circumstances change and a claim can occur several years or decades after the policy and trust was set up, by which point the trustees may have died themselves or become estranged or mentally incompetent."
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