Writing your policy under Trust
Using a trust provides a number of benefits, specifically:
- You can identify who the beneficiaries should be (and with some trusts you have the ability to change this).
- Your chosen beneficiaries will receive the benefit quickly without the need for probate or prior payment of Inheritance Tax (IHT). For this to be effective, it is essential that you appoint at least one additional trustee to act with you and, of course, to deal with the policy in the event of your death.
- The amounts payable to your beneficiaries are, generally, free from inheritance tax.
There are two main types of trust available to you, Flexible Trusts and Absolute Trusts (also known as Bare Trusts). These trusts have different features and different Inheritance Tax treatments.
Find out more in our Trusts Guide
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The Financial Conduct Authority does not regulate taxation and trust advice, or Will writing.