Trusts
Making your protection plan even better – put your life assurance in trust
None of us likes to think about what will happen when we’ve gone. But you may not realise that unless you take action now, it could be some time before the people you care about receive the benefits your plan provides. And what’s worse is up to £4 out of every £10 could be going to someone you didn’t intend.
It is estimated that only 6%* of all protection policies are currently ‘written in trust’, this means a huge 94% of policies are at risk of:
- payment to intended beneficiaries being delayed
- payment may not go to your intended beneficiaries
- more inheritance tax payable than necessary
- proceeds from policy may not be protected from creditors
The good news is there’s a way to prevent this; a plan that has been ‘written in trust’ ensures your beneficiaries will receive their payment more quickly as the payout doesn’t have to go through probate. Not only this, but if a plan is trust it is not part of your estate so there will be no inheritance tax to be paid!
Putting your plan in trust is quick and simple to set up and will make sure that your family really does benefit from the plans you’ve made to secure their future if the unthinkable happens.
The Financial Services Authority does not regulate trust advice.
For more information, please contact us