Structuring transmission through the beneficiary clause

The beneficiary clause of a life insurance policy is not a simple formality at the end of a form. It is the instrument that determines who receives the capital, and under what conditions, outside the conventional inheritance framework.

The law governing this policy allows for bespoke drafting: a simple clause naming one or more beneficiaries, an optional clause leaving the choice to be made on death rather than at drafting stage, or a split clause, the split separating usufruct from bare ownership, often used to protect a spouse while preparing the children’s share.

The exact tax and civil treatment of each of these options depends on the country of residence of the policyholder and the beneficiaries, as well as the applicable marital regime. This is worked out with a notary, not with this Firm alone: the beneficiary clause itself remains the broker’s area of competence, its civil and tax implications the notary’s.

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