What is a Trust?
A Trust is a way to assign your life insurance payout to your chosen beneficiaries.
There are benefits of doing this. Firstly, writing your life insurance policy in trust means that the payout will reach your chosen beneficiaries faster; it won’t go through the probate process which can sometimes be lengthy, especially when the life insurance payout is intended to be used to cover the costs of a funeral or keep a roof over your loved ones.
It also means that the life insurance policy is not taken into account when inheritance tax is calculated. There is no added cost to write your policy in trust – the service is provided free of charge.
Another great reason for writing your policy in trust is that you have greater flexibility with who can receive the payout; for example, you could choose a trustee to manage money intended for a child until they reach the age of 18.
If you want to discuss writing your policy in trust, please Contact Us
Trust planning is not regulated by the Financial Conduct Authority