IHT avoidance on a joint insurance policy.

Lorian

I'm trying to do some IHT planning.

We have a joint fixed term life insurance policy that we've had for a number of years. We are not married.

Does the fact the policy is a joint policy automatically mean the survior is paid if one of us dies, or does the payout go to the estate?

I don't recall filling in any nomination forms, and there is no mention in the policy document.

If it doesn't get paid to the survior, I believe I need to make the policy written in trust? how would I go about doing this?

Many thanks.

margaretclare

AFAIK an insurance policy does NOT form part of your estate. You should nominate the person you want it to go to. You can contact the insurance company about this.

HTH

Margaret