Will/Trust for LifeAssurance/Investments

planteria

i am making some Insurance arrangements and i am wondering whether i ought to have Life Assurance policies, along with Pensions/ISAs/Bonds "in trust".

anyone any guidance as to the circumstances in which this is advisable? and any pointers as to how to do it, and with whom?

HappyHarry

planteria wrote: »

i am making some Insurance arrangements and i am wondering whether i ought to have Life Assurance policies, along with Pensions/ISAs/Bonds "in trust".

anyone any guidance as to the circumstances in which this is advisable? and any pointers as to how to do it, and with whom?

It depends on what it is that are you trying to achieve.

Life assurance is often written in trust.

Pensions are generally already in a trust.

ISAs can not be held in a trust.

Bonds can be held in a trust but you would generally be giving up your rights to the capital and/or income.

It is usually best to start with your own circumstances, and find out what solutions are appropriate, rather then finding solutions and trying to work out if they are appropriate to your circumstances.

What are your circumstances that are leading you to think that trusts may be advisable?

planteria

Thank you Happy Harry..

i can provide more information, but the concept that brought up the discussion was one of wanting to be able to delay the point at which capital is released to children.

i'm 43, with children, 14y, 13m and 3w.. on the face of it I could leave my estate to my girlfriend on the basis that she could ensure that the children are looked after, and when she passes away they could inherit her estate, which would include [the remnants of:D]mine.

but i read something regarding starting pensions for children. i can see an angle that says the biggest challenge to children today could be their retirement. they can grow up, live, study, work - and we have a couple of housing ideas already. but the ability to put money aside during working life which is sufficient to support a (hopefully) long retirement is a tough ask. so i wondered about leaving my pensions as pensions, but if something happens to me prior to retirement, they could become Their pensions:think:

as it happens i have a watch and a bond that i was thinking of leaving specifically for each of my two sons.

i understand that at least some of this can be managed through a simple will, but with investing fairly hard, and also putting (what to me is) significant insurance in place, i just want to try to plan that the funds would be managed in a way that seems right.

i am just setting up/updating my protection position, as per this thread: https://forums.moneysavingexpert.com/discussion/4721215

Quentin

planteria wrote: »

i'm 43, with children, 14y, 13m and 3w.. ......

i am just setting up/updating my protection position, as per this thread: https://forums.moneysavingexpert.com/discussion/4721215

When you first started your thread in 2013 you asked for advice based on having no dependents.

Now after all this time and advice you tell us different circumstances (you now say your eldest son is 14???)

If you really want protection then sit down with an advisor, tell the truth about your circs, get sorted and also make a will.

Just coming here every year or so asking for guidance looks to be a waste of your time and everyone else's!

planteria

Quentin wrote: »

When you first started your thread in 2013 you asked for advice based on having no dependents. Now after all this time and advice you tell us different circumstances (you now say your eldest son is 14???)

the "truth" is that i have acquired a step-daughter. nothing untoward. as i have explained, i have sat down with an advisor. this is a discussion forum, i was just looking to discuss ideas in the forum. no one is obliged to "waste time" in any forum.

and yes Kp, i'm on it re. a Will. i had an appointment with the Skipton, but they let me down and i've never got round to arranging one.

i liked the idea of pension pots in my name becoming pension pots in their names, with hopefully plenty of time to grow substantially.

both advisors had mentioned that trusts could be a good idea, but one doesn't provide them at all, and the other does, but not when contacted via the intermediary that I was introduced to them by.