The Family Joint Life Assurance Trust is a type of pilot trust that is established outside of the will. Unlike other trusts that may be referenced in the will, this trust is created for the purpose of assigning life assurance policies. It is a joint trust, meaning there are two or more settlors, and is typically used for joint life policies.

It is important to note that in some circumstances, the Family Joint Life Assurance Trust may not be the most tax-efficient option and it is recommended to seek further advice. Multiple Family Joint Life Assurance Trusts may be required, along with multiple policies, in order to maximise tax efficiency. Each trust should receive an amount less than the Inheritance Tax Nil Rate Band.