IHTM20185 - Life Policies: Married Women’s Property Act policies: no trustee appointed
Where a person has effected a policy under the Married Women’s Property (MWP) Act 1882, or the MWP (Scotland) Act 1880 and no trustee has been appointed the policy vests in that person as trustee.
In England if the policy was not effected under the MWP Act 1882 the person who effected the policy should be treated as if they had expressly declared themselves a trustee.
In Scotland, to effect a valid transfer two trustees are needed or some form of delivery or its equivalent, for example intimation. Having a sole trustee is not sufficient to create a valid trust in Scotland except in policies effected under the terms of the MWP (Scotland) Act 1880.