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Insurance trustees - Credit Check?
lawrie28
Posts: 2,666 Forumite
Does anyone know whether a trustee for an insurance trust (set up if parents were to pass away to be more tax efficient) would be credit checked? I appreciate that you should only consider people with a good financial history, but curious as to whether there are any checks done. I am aware that there are some exclusions to who can be, ex bankrupts etc, but wondering if anyone can tell me. Thanks
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Does anyone know whether a trustee for an insurance trust (set up if parents were to pass away to be more tax efficient) would be credit checked?
Not normally. However, they should be ID checked and the credit system can be used for that. However, its not the full check and has no impact on credit.
There is also the politically exempt person search and the sanctions search made as well.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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