07/03/2022
Is your life insurance policy written in trust?
what is a trust?
A trust, in very basic terms, is a legal arrangement that leaves your assets, including your life insurance policy, in the hands of a trusted person or trusted people
What are the Benefits?
- The trustee can receives the funds relatively quicker than going through a will or probate
- A trust wont be subject to any form of inheritance tax
- Allows you full control on when & how the funds will be spent.
Who can be a trustee?
Your trustees could be family members or friends, or you could choose to have a legal professional oversee your trust. The same person can be both the trustee and the beneficiary, providing they are over 18 and have the mental capacity to do so.
All this can be done completely free of charge when you set up your life insurance policy!
if you are unsure and would like to review things, please get in touch.
Director of Property Link Homes and Protection Adviser with 8+ years' experience. BMA 2024 nominee specialising in Life Insurance, Critical Illness Cover and Income Protection, providing tailored advice to help individuals and their families.