When taking out life insurance, you\u2019ll want to set it up so that your heirs receive as much as they can, as quickly as possible when it pays out. Writing your policy in trust is a great way to do this. A trust is a straightforward legal arrangement which allows you to leave assets to the people you want to benefit \u2013 the beneficiaries. A trust is managed by a trustee, or trustees, until the time comes for the benefit to be paid out.<\/p>\n
Benefits of a trust A trust gives you greater control over where your assets end up and is especially important if you\u2019re not married or in a civil partnership. Writing your life insurance policy in trust also ensures that under current HMRC rules and in most circumstances, the policy proceeds on death will not form part of your estate for Inheritance Tax purposes. Another benefit is that the policy proceeds can be paid directly to your beneficiaries, without having to go through probate. As probate can be a lengthy process, with any Inheritance Tax having to be paid before probate can be granted, having a trust allows your beneficiaries faster access to the policy proceeds.<\/p>\n
Talk to us<\/p>\n
If you would like advice about putting your life insurance in trust, talk to us. We can guide you through the process.<\/p>\n
\ud83d\udea8 Data accurate as of the date of publication \u2013 14.05.2020.<\/p>\n
\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n
Source: Quilter Financial Planning – Essentially Mortgages Q2 2020<\/p>\n","protected":false},"excerpt":{"rendered":"
When taking out life insurance, you\u2019ll want to set it up so that your heirs receive as much as they can, as quickly as possible when it pays out. Writing your policy in trust is a great way to do this. A trust is a straightforward legal arrangement which allows you to leave assets to […]<\/p>\n","protected":false},"author":1,"featured_media":625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\n