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LIFE COVER

As easy as 1.2.3

07800 681831

A Trust is a legally binding documents that lets you decide where your money will go in the event of your death, i.e. who will benefit from the money and how much they will get.

For Life Insurance policies this is usually a Flexible Trust and for Life and Critical Illness Insurance Policies it is usually a Split Trust.

What are the Benefits of Placing my Life Insurance Policy in Trust?

There are 3 main advantages of placing your life insurance policy in Trust.

1.     The Trust ‘ring-fences’ the proceeds outside of your estate upon death, and therefore no Inheritance Tax is paid on the policy proceeds.

2.     As there will be no need to apply for probate, the process of your loved ones receiving any benefit is significantly quicker.

3.     You choose exactly who you want to benefit from your life insurance and neither the tax man nor creditors cannot access the money.

And the great news is that it is completely FREE to place your policy in Trust. Speak to one of our trained advisors, and we will guide you through completing the Trust Form.

What will Happen if I don't Write my Policy in Trust?

The implications of not placing a life policy in Trust are often underestimated. Firstly, the benefit of the policy will fall in the deceased’s estate, and therefore the people in need of the money would probably have to apply for probate which can take over 6 months to complete.

If there is no Will in place then the Rules of Intestacy apply which govern who gets what, and therefore your wishes may not be followed. If the total value of the estate is over the inheritance tax threshold (current threshold is £325,000 for year 2010-2011) , then the amount over the threshold would be taxed at 40%. Please note that Inheritance Tax is exempt between Spouses and Civil Partners domiciled in the UK.