Money In Fund under trust - Issue with maturity Payment

[steph]

Hi All i'm wondering if you can answer a question for me please. I had money put into a policy under trust a number of years ago which is to mature at the end of June. It was set up by 3 Trustees, 2 of which were the executors of my dads will. The life company who holds the funds have said the maturity cheque must be made payable to the 3 trustees, however the trustees do not have a joint bank account and as one doesnt live here it isnt possible for them to set one up just to be able to redraw the cheque to me. The life company say that there is no way around this, The Trustees have suggested that they will provide a written instruction to the life company asking for the policy to be made payable to me as the beneficary however the life company said this is not an option. Surelythere is a way around this. i'll hopefully get to speak with a solicitor on this but that means paying a solicitors fee which i just may have to do. It just seems a bit unfair as i need the funds urgently and the policy is maturing and this is alot of hassle now for the trustees and me! Any suggestions would be welcome.

 

[mathepac]

Can the company issue three cheques payable to three individuals? e.g. "Pay Mr. Tom Jones, Trustee of A. N. Other", "Pay Mr. Jon Thomas, Trustee of A. N. Other", "Pay Mr. Thomas Johns, Trustee of A. N. Other".

What would have happened if one of the trustees had died; would the funds have been stuck in his/her estate?

 

[upport]

Assuming that you have to complete a claim form and that you and trustees will have the option to have policy proceeds paid directly to a bank account (your own account).

If only option is cheque payment,ask your own bank if they have a problem receiving your maturity cheque,signed on back by all three payees,into your account for clearance.