Policies in Trust

What is a life insurance policy written in trust?

A trust is a legal arrangement that ensures the money from your life policy can be made directly to your beneficiaries and doesn’t form part of your estate, so you can ensure your money will go exactly where it was intended.

We can help you set up a trust that can be used to pass money on quickly and efficiently to your loved ones upon death, avoiding any financial hardship and ensuring a provision for their future.
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How does it work?

There are several types of trust available, but ultimately they are all a legal agreement to ensure your intended beneficiaries receive the inheritance from your life insurance. Your trust is managed by trustees, who legally own your policy and must keep safe all the documents related to your trust as in the event of your death, they will be the ones to make the claim to your life insurer.

We know policies in trust can be confusing, so we can talk you through the process and advise you on the best policy and type of trust that would work for you and your loved ones.

The benefits of writing your life insurance in trust

As it is not considered part of your estate on death, your life insurance payout can be paid out once the death certificate has been issued, without your beneficiaries having to obtain probate. It also gives you great control over where your money goes, as without a trust, your money can be used to pay off any outstanding debts. It is also not subject to inheritance tax.

If you are cohabiting and not married, life insurance in trust can be a huge advantage, as unless your partner has a written a will specifying you are the intended recipient, partners have no legal claim to either the estate or life insurance policy. With trusts, you can provide financial protection for your partner.

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