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Explaination needed about Life assurance policy writing in trust. Please
awara
Posts: 48 Forumite
Hello
I have a Life insurance for 20 years from last year.
https://forums.moneysavingexpert.com/discussion/3715873
I have 2 kids under 4 and 6, a young
spouse and debt/mortgage about £100,000.
I have read somewhere that if I die within the Term the Policy will become part of the Death Estate (hopefully will above nil rate :rotfl:) and will be charged @40% death tax. while if it is written is Trust now then it will not be part of my death estate and the
When I bought the policy with Legal & General there was an option FREE write in Trust which I selected.
My question is do I have to make a trust myself now to include this policy or Legal and General will do that for me??? As I do not see any mention of it on the policy!
If I have to then Can I make the Trust myself? what is the procedure?
If I can't Who does it? Solicitor? Financial Advisor?
How much should I expect to pay?
Regards
I have a Life insurance for 20 years from last year.
https://forums.moneysavingexpert.com/discussion/3715873
I have 2 kids under 4 and 6, a young
spouse and debt/mortgage about £100,000.I have read somewhere that if I die within the Term the Policy will become part of the Death Estate (hopefully will above nil rate :rotfl:) and will be charged @40% death tax. while if it is written is Trust now then it will not be part of my death estate and the
When I bought the policy with Legal & General there was an option FREE write in Trust which I selected.
My question is do I have to make a trust myself now to include this policy or Legal and General will do that for me??? As I do not see any mention of it on the policy!
If I have to then Can I make the Trust myself? what is the procedure?
If I can't Who does it? Solicitor? Financial Advisor?
How much should I expect to pay?
Regards
0
Comments
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My question is do I have to make a trust myself now to include this policy or Legal and General will do that for me??
It is up to you or your adviser to do it. Most providers will supply a generic range of trust documents to cover the main types of trust. If you need something more specific then a solicitor would be required.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
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