What does putting a policy 'in trust' mean?

Quite simply, you complete a document which tells the insurer who your beneficiaries are in the event of your death. This enables them to pay out the proceeds quickly without waiting for probate on your estate. This is one advantage of having your policy written into trust - it speeds up the payment of benefits.

A further consideration is Inheritance Tax. By placing your plan in trust correctly, the proceeds are not passed through your estate and are therefore not liable to Inheritance Tax. It is important to select the correct trust wording though and we would encourage you to speak to us before putting pen to paper.

Placing your plan is trust is free of charge and can achieve the two major advantaged described above.

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