TRUSTS

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REASONS TO SET UP A TRUST

SPEED

If the life policy is written in trust, the trustees can make the claim and the proceeds will be paid straight away. If not in trust there could be significant delay at the time when the money is needed the most.

 

TAX PLANNING

Under current legislation (tax year 2016/2017), proceeds from a Life Policy will be added to the value of the Estate on death of the life assured for Inheritance Tax purposes. By writing the plan in trust the proceeds will fall outside their estate and therefore may not be subject to inheritance tax.

Please contact us for more details.

NOMINATION OF BENEFICIARIES

Clients often assume that the policy proceeds will be paid out to their families in the event of their death. However, how can they be sure that the proceeds will end up in the right hands? Given that the majority of people in the UK die without leaving a Will, under the rules of intestacy, instead of passing to a spouse for example, proceeds may not be distributed in accordance with their wishes.

Simply writing the policy in trust and nominating the intended beneficiary on the Trust Form can avoid any disputes or delay in payment of proceeds.

FREE SERVICE & PEACE OF MIND

When we recommend a life policy to you we will also advise you whether it is beneficial for the plan to be held in trust. If it is we can arrange this for you at no extra cost and this ensures your policy proceeds are put in the right hands at the right time.

Requirements

  • 2-4 Trustees – a typical Trustee can be family or close friend, preferably of similar age and circumstances who you can trust to administer your instructions on your death.
  • 15 minutes of your time

Role of a Trustee

  • To carry out your wishes
  • To liaise with the Life Company and beneficiaries’ Solicitors to distribute the proceeds of the policy as per your wishes to the chosen beneficiaries.

These products are not regulated by the Financial Conduct Authority and we are not authorised via PRIMIS Mortgage Network to advise on them

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