LIFE INSURANCE TRUSTS
A trust is a legal document that allows you to specify what will happen to your money after your death. If your life insurance policy is written in trust, any payout will go to the trustees who will ensure the funds are distributed to the correct beneficiaries.
A life insurance policy that has been written in trust does not form part of your legal estate and is not subject to inheritance tax, allowing more of your money to pass to your beneficiaries. Life insurance companies also tend to pay the money out much quicker under these circumstances, making things easier financially for your beneficiaries.
Even if your partner is your beneficiary (and therefore the life insurance payment would be exempt from inheritance tax under current rules), it can be worth putting your life insurance ion trust to ensure payment is made as quickly as possible. This is something your Coast to Coast Adviser can easily arrange. There is no charge for this service if its arranged when the policy is taken out.
Some Trusts are not regulated by the Financial Conduct Authority.