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Hoping somebody can give some advice as we are having major problems trying to change the trustee name on my mum & dad's policies.
They both have a policy with Legal & General that they set up a few years ago for peace of mind. In March my dad was diagnosed with terminal lung cancer so we realised that they needed to change the trustee's name as the person has become untrustworthy & has a large amount of debt too. We first rang Legal & General at the end of March to request the change & after giving the information of the new trustees we were told the paperwork would be sent out & we needed to sign a new discretionary trustee deed. After about 2 weeks we called them again as we hadn't received anything from them, we were told that for some reason the change hadn't been processed & that they would send the paperwork. Again we still didn't receive anything from them & rang again, this time we received a letter telling us that the policy was set up through a broker & they had to make the changes.
My parents hadn't realised there had been a third party involved as all the paperwork they have has been from Legal & General & the direct debits are also made to Legal & General. Having looked though all the paperwork we did eventually find a letter from Maine Finance that seems to be a recommendation of the best policy but nothing else we never paid any money to them. I've tried contacting them & having done some research into them we found out from Companies House that they were dissolved last year. Obviously after finding this out last week we worried that it was a dodgy policy but when we rang Legal & General again as the monthly payment's were taken as normal the previous day they told us that the policies are valid & with them but they can't make any changes to them.
We explained that Maine Finance is no longer a active company so we can't contact them to make the changes so how are we supposed to make the change to the trustee name if Legal & General won't do it even though the policy is with them & according to them is still active & they will payout when the time comes. The person I spoke with was sympathetic but told me there is no way they can edit the name so if/when we make a claim it will be issued to the named trustee unless we made a claim under the terminal illness part of the policy then it could be issued in dad's name if they have proof he has less than 12 months to live. I said what happens if we don't get that to them in time & my mums policy & was told that we need to get a solicitor which we cannot afford. So we would be very grateful if anyone here has any advice to help us get the trustee removed.
They both have a policy with Legal & General that they set up a few years ago for peace of mind. In March my dad was diagnosed with terminal lung cancer so we realised that they needed to change the trustee's name as the person has become untrustworthy & has a large amount of debt too. We first rang Legal & General at the end of March to request the change & after giving the information of the new trustees we were told the paperwork would be sent out & we needed to sign a new discretionary trustee deed. After about 2 weeks we called them again as we hadn't received anything from them, we were told that for some reason the change hadn't been processed & that they would send the paperwork. Again we still didn't receive anything from them & rang again, this time we received a letter telling us that the policy was set up through a broker & they had to make the changes.
My parents hadn't realised there had been a third party involved as all the paperwork they have has been from Legal & General & the direct debits are also made to Legal & General. Having looked though all the paperwork we did eventually find a letter from Maine Finance that seems to be a recommendation of the best policy but nothing else we never paid any money to them. I've tried contacting them & having done some research into them we found out from Companies House that they were dissolved last year. Obviously after finding this out last week we worried that it was a dodgy policy but when we rang Legal & General again as the monthly payment's were taken as normal the previous day they told us that the policies are valid & with them but they can't make any changes to them.
We explained that Maine Finance is no longer a active company so we can't contact them to make the changes so how are we supposed to make the change to the trustee name if Legal & General won't do it even though the policy is with them & according to them is still active & they will payout when the time comes. The person I spoke with was sympathetic but told me there is no way they can edit the name so if/when we make a claim it will be issued to the named trustee unless we made a claim under the terminal illness part of the policy then it could be issued in dad's name if they have proof he has less than 12 months to live. I said what happens if we don't get that to them in time & my mums policy & was told that we need to get a solicitor which we cannot afford. So we would be very grateful if anyone here has any advice to help us get the trustee removed.
