We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Life insurance and death
mikeyboy
Posts: 287 Forumite
Hello,
I am after some general advice about my situation.
I live with my long term partner, no joint bank account or joint loans as we have kept everything separate and in individual names.
We have each have a life and critical illness policy. In the event of death we would like the money to go to the other partner. As we are not married would this need to be done by putting the policies in trust for the other person now?
We also have a joint life policy. Would this also need to be put into trust or would it automatically pay to the other partner in the event of death?
My concern is that in the event of either death there will be certain personal debts, ideally I want the funds to pass without entering into the estate of the deceased which would mean reduced payouts.
We are also having wills written at the moment.
Any general advice would be appreciated.
Thanks
I am after some general advice about my situation.
I live with my long term partner, no joint bank account or joint loans as we have kept everything separate and in individual names.
We have each have a life and critical illness policy. In the event of death we would like the money to go to the other partner. As we are not married would this need to be done by putting the policies in trust for the other person now?
We also have a joint life policy. Would this also need to be put into trust or would it automatically pay to the other partner in the event of death?
My concern is that in the event of either death there will be certain personal debts, ideally I want the funds to pass without entering into the estate of the deceased which would mean reduced payouts.
We are also having wills written at the moment.
Any general advice would be appreciated.
Thanks
0
Comments
-
We have each have a life and critical illness policy. In the event of death we would like the money to go to the other partner. As we are not married would this need to be done by putting the policies in trust for the other person now?
A trust is more tax efficient than a Will. So, yes.We also have a joint life policy. Would this also need to be put into trust or would it automatically pay to the other partner in the event of death?
as long as its joint owner first death then it will go to the surviving owner withour a trust.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Quote:
We also have a joint life policy. Would this also need to be put into trust or would it automatically pay to the other partner in the event of death?
as long as its joint owner first death then it will go to the surviving owner withour a trust.
Thanks Dunstonh,
So it will simply pass directly, 100% of the benefit value, without any deductions for debt etc to the survivor?
Thanks again0 -
I am keen to know if anyone can help me as well.
I have life insurance that my hubby and I took out when we lived in NZ. We now live back in the UK. Will this effect the insurance?
thanks0 -
I have life insurance that my hubby and I took out when we lived in NZ. We now live back in the UK. Will this effect the insurance?
Ask the insurance company as it depends on their T&CI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards