A trust will ensure that the proceeds of your life policy are paid to the right people at the right time.  Using a Trust you can specify exactly who gets the money and because you are leaving the money directly the proceeds will not be taxable as part of your estate on death. Currently if you die all assets valued over £255,000 are taxed at 40% unless you are leaving your money to your spouse.

When you establish your plan you will be asked if your want a Trust linked to your plan. If the answer is yes then you will need to think who you want the money to be distributed to and who should act as your Trustees. These are people who are appointed by you, officially, to carry out your wishes within the Trust.

Use of a Trust is really essential, however they are complex. If you want advice specifically on how best to establish your plan please ask for our help. You can do this by either contacting us (click here) or by emailing us (click here).