Life Insurance, written into trust

Mands

https://forums.moneysavingexpert.com/discussion/comment/82028005#Comment_82028005

They will be doing plenty of work, more than normal already.

I am resident, for tax purposes, overseas but still UK domiciled. My late husband the same.

Administering my estate will be probate *2 for the two countries. At least one, if not both, of his probate applications will need to be brought in to complete mine. That feels like a heavy burden for someone to take on.

A DoV seems an unnecessary step. As it stands the 150k falls back into my estate so instead of assigning a new beneficiary as I intended I guess I just account for it in the total assets.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82028280#Comment_82028280

Is it a whole of life policy or a term policy? Premiums suggest it's a term policy in which case at what age does it end? Term premiums are so low because the vast majority of people dont die before the terms ends and so they effectively cross fund those that do die (aka the common pool).

If it is a whole of life are there reviewable premiums? If so you can probably expect the premiums to increase significantly once you get into the 5 year review cycle and so your £3k to 85 is probably very wrong

Woodstok2000

If the additional work is the main concern you can always get a professional executor to help.

Mands

https://forums.moneysavingexpert.com/discussion/comment/82028329#Comment_82028329

Pulled out the policy document.

It's a term policy and ends next spring on the 25th anniversary.

Which makes the whole thing simpler. It can just run to expiry with no further action from me.

Many thanks for your help, folks. Much appreciated.