Section 72 Trust Forms: A Plain-English Guide for Couples and Families

By Brian Whelan QFA · 3 November 2026

A Section 72 policy puts money in place for your family’s inheritance tax bill. The trust form sets out who will look after that policy and deal with the money when it pays out.

The form can look more complicated than it is. Words such as settlor, trustee and appointer describe different jobs. This article translates the terminology into plain English, so you can have a more informed conversation with your solicitor.

What does putting the policy in trust achieve?

The policy is held for the purposes set out in the trust, with people authorised to look after it. On a claim, the insurer deals with the trustees who are entitled to receive the proceeds and apply them under the trust.

This can keep the policy proceeds separate from the estate and avoid waiting for probate simply to receive those proceeds. It also creates a clear record of the policy’s purpose and who should be helped with their inheritance tax.

The trust relates to the insurance policy. It does not put your house, savings or business into a trust, and it does not replace your will.

The people named on the form

Trustee and appointer: the distinction that matters

The trustee looks after the policy. The appointer has the power to appoint trustees. Naming someone as appointer does not automatically appoint that person as a trustee.

In the Zurich joint-life form, the parents have the appointment and removal powers while both are alive. The surviving parent then holds those powers. After the second death, the power passes to the person nominated in the form, or the replacement subsequently notified to Zurich.

If the nominated person is also to become a trustee, the appointment must be made properly under the trust. Writing a child’s name in a beneficiary box does not do that either.

A couple with two children: who should they choose?

Consider this fictional example: John and Mary are married, and their adult children are Sarah and Daniel. They are arranging joint-life second-death Section 72 cover to help with their children’s future tax bills.

• John and Mary: the initial trustees under the Zurich form.
• Sarah: could be nominated as appointer after the second death, if she is willing and suitable for that responsibility.
• Sarah and Daniel: could be considered as future trustees, with the required appointments completed under the deed.
• The beneficiaries: are provided for through the trust’s tax-payment provisions and any nominations or directions completed for the family.

For a straightforward family, responsible adult children who communicate well can be sensible people to involve. Being a beneficiary does not, by itself, prevent an adult child from being considered as a trustee under this example.

Think about reliability, willingness, availability and the ability to deal fairly with the paperwork. Ask people before naming them. If family relationships are difficult, children are minors, or the arrangements are more complex, an appropriate professional or another trusted adult may be a better fit. Your solicitor should advise you on who to appoint and how to record those appointments.

Understanding the form, step by step

I always recommend speaking with your solicitor about completing a trust form. The notes below explain what the sections mean; they are not a substitute for advice on how to complete your own form.

1. Start with the right insurer’s form

Use the current Section 72 trust form for your insurer and the correct single-life or joint-life basis. The example here is the Zurich joint-life last-survivor form, rather than a general investment trust or a UK life assurance trust.

2. Enter the policy owners’ details

On the Zurich form, enter both policy owners’ full names and addresses in the opening declaration. Complete the proposal date and the two lives assured where requested. These details should match the application.

3. Nominate the person with future appointment powers

Complete the name and address of the person who will have the power to appoint trustees after the second death. This is the appointer role described above. Do not assume that an executor, child or other relative automatically fills this named role.

4. Check who is to benefit from the tax payment

The Zurich deed directs the trustees to pay the beneficiaries’ relevant tax. It provides for particular directions and also contains a default rule where the relevant nomination space is left blank.

That default applies the proceeds towards beneficiaries’ relevant tax in the proportions in which they are accountable for it. It is not simply an instruction to divide the insurance money equally between your children.

Ask your solicitor to check that this matches your wishes and your estate plan before completing the section. The percentages used to divide your estate in your will and the way the policy funds tax need to work together.

5. Deal with trust registration

The Zurich paperwork includes a declaration about the Central Register of Beneficial Ownership of Trusts, usually called CRBOT. The trustees maintain an internal register and arrange the required registration with Revenue within six months of the trust’s creation.

This is part of establishing the trust, rather than something to leave until a future claim. Keep the registration details and records up to date. Revenue explains the registration process here.

6. Sign and witness the right places

Follow the signature and witnessing instructions on the actual form. On the Zurich joint-life form, both policy owners sign and their signatures are witnessed. Complete the dates and any accompanying declaration. Where additional trustees are being formally appointed, complete the separate appointment documents required.

7. Return the complete paperwork

Once your solicitor has advised you on completing the trust form, return the completed paperwork through the agreed process. I can help with the insurance application and liaise with the insurer on the policy administration.

8. Tell the people involved where it is kept

Keep a copy with the policy and your estate-planning papers. Make sure the appointer and intended successor trustees know about the policy, where the documents are, and who to contact.

What happens when one parent dies?

A joint-life second-death policy pays on the second death. After the first death, the surviving parent continues with the policy, pays the premiums and holds the appointment powers under the Zurich deed.

That is a useful time to review the nominated appointer, family details and any changes to the estate plan. Here is why second-death cover fits this type of planning.

What happens after the second death?

The insurer is notified and the claim paperwork is assembled. Properly appointed surviving or successor trustees deal with the policy. If a new trustee needs to be appointed, the person holding that appointment power takes the necessary steps under the deed.

The trustees then receive and apply the proceeds according to the trust’s tax-payment provisions. They work with the people calculating and paying the beneficiaries’ tax so the insurance money is used for its intended purpose.

What if the appointer or a trustee dies first?

Review the arrangements rather than leaving an outdated name on the file. The Zurich form allows the couple, or the surviving parent, to notify a replacement appointer in writing. Changes to trustees must follow the required appointment or removal process.

The deed also sets out fallback arrangements involving the surviving policy owner’s legal personal representatives. A current, practical nomination is much easier for your family than relying on a fallback they have never discussed.

Form reference: Zurich Life Section 72 Trust Form (Joint Life Last Survivor), GR 8782 / ZL LP245 0924, September 2024, used as the worked example. Check the current form for your policy. Further reading: Royal London Ireland’s Whole of Life guide and Revenue’s CRBOT guidance.