South Australian Current Acts South Australian Current Acts100—Assurance policy by spouses
(1) A policy of
assurance effected by a person on the person's own life, and expressed to be
for the benefit of the person's spouse or children, or of the person's spouse
and children, or any of them, creates a trust in favour of the objects named
in the policy.
(1a) The money payable
under a policy referred to in subsection (1) will not, so long as any of
the trust remains unperformed, form part of the estate of the insured, or be
subject to the insured's debts.
(2) The insured may by
the policy, or by any memorandum under his or her hand, appoint a trustee or
trustees of the moneys payable under the policy, and from time to time appoint
a new trustee or new trustees thereof, and may make provision for the
appointment of a new trustee or new trustees thereof, and for the investment
of the moneys payable under any such policy. In default of any such
appointment of a trustee, such policy, immediately on its being effected,
shall vest in the insured and his or her legal personal representatives, in
trust for the purposes aforesaid. If, at the time of the death of the insured,
or at any time afterwards, there shall be no trustee, or it shall be expedient
to appoint a new trustee or new trustees, a trustee or trustees, or a new
trustee or new trustees may be appointed by the court.
(3) The receipt of a
trustee or trustees duly appointed, or, in default of any such appointment, or
in default of notice to the insurance office, the receipt of the legal
personal representative of the insured, shall be a discharge to the office for
the sum secured by the policy, or for the value thereof, in whole or in part.