Section 6 of the Married Women Property Act 1874(M.W.P)Act, provides that a policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, his wife and his children ,or any of them, shall be deemed to be for the benefits of his wife ,his wife and children, or any of them, according to the interest expressed, and shall not ,so long as any object of the trust remains, be subject to the control of the life insured, or his creditors, or form part of his estate.
Under the provision, a married man, who includes a widower or a divorced man, can make a financial arrangement for the benefits of his wife and children, which includes his son and daughters, both natural and adopted. The policy must be on his own life. The beneficiaries can be:
• The wife alone
• Any one or more children
• The wife and any one or more children jointly
Each of those policies will remain a separate trust.
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