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You can use a trust to give some or all of the benefits of your protection plan to other people. This means that the benefits you give away would not be part of your estate if you die, and would not be subject to inheritance tax. Inheritance tax is currently payable at 40% above the threshold. If you don’t put your plan in trust, any money it pays out is added to your estate.
If you put your plan in trust it allows your Life Assurance company to pay any claim you make, more quickly than they could if the plan was not put in trust. If you die without putting your plan in trust, your representatives may have to obtain Grant of Representation before they can deal with your plan. This process can take several months. Putting your plan in trust can avoid this delay.
Trusts are often used by families with young children, to ensure that any money is looked after for them, until they are able to take responsibility themselves. It is also popular with unmarried couples, particularly where no will is in place, as it ensures they can each benefit from the proceeds of each others policies, which would not be the case under the laws of intestacy.
When you are setting up a trust you have control over who will administer any money paid out from a claim (the trustees) and who will benefit from any money paid out (the beneficiaries). You can also make sure you receive any benefits that you want to keep yourself for example a payment following a Critical Illness claim.
Our trusts are flexible, which means you have control over who will benefit from your cover and who will be responsible for making sure that happens.
We have different Trust Forms available and will be happy to review your protection and decide which one is best for your circumstances.
These products are not regulated by the Financial Conduct Authority and we are not authorised via PRIMIS Mortgage Network to advise on them.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We charge a Broker Fee of £199 on application and £190 on completion of your Mortgage.
*Some forms of Bridging Finance and most Buy to Let Mortgages are not regulated by the Financial Conduct Authority.
Commercial Mortgages, Overseas Property & Mortgages, Wills, Probate, Trusts and Tax & Estate Planning are not regulated by the Financial Conduct Authority.
Pensions, Investments, Wills & Probate, Tax & Estate Planning, Overseas Property & Overseas Mortgages, Commercial Mortgages, Bridging Loans and Commercial Insurances are referred to specialist suppliers. 1 4 U Financial Solutions Ltd or PRIMIS are not responsible for any advice received from a third party.
This website is intended for people over 18 years of age who are resident in the UK only. The website and the information contained therein should not be regarded as an offer or solicitation to conduct business in any jurisdiction other than the UK. These pages provide generic information about various aspects of financial services advice that we provide. We hope they are helpful to you but they do not on their own add up to recommendations and we cannot take responsibility for anything you do in reliance on them without further discussion with us. Please do not make a decision based upon the information contained within these pages alone. Contact us for further advice to enable you to make an informed decision based upon your individual circumstances.
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Anon, March 2023 - Read more