Protection - Trusts


Tax Planning is not regulated by the Financial Conduct Authority.


A trust is an arrangement that allows the proceeds of a life insurance policy or any other asset to be gifted to someone of your choice, but without giving the intended recipient complete control or legal ownership of it immediately.


With a trust, you transfer the legal ownership of that particular asset to whoever you wish (they, along with yourself, are the trustees) and these people look after the asset, they can only use it for the benefit of the individuals you have chosen. Those who you have chosen to benefit are known as the beneficiaries.


There are several benefits to a trust:


– Avoid Probate Delays: When an asset is held in trust, any death benefit can be paid to the Trustees simply on production of the death certificate and proof of ownership, without the need for probate, which can take several months and may possibly lead to financial hardship for your family. This means, providing additional trustees were appointed, any money will be released far quicker than in the absence of a trust.


– Tax Planning: If any asset is held in a valid trust, it will not be subject to any inheritance tax, as it will not be considered part of your taxable estate.


– Flexibility of gifts to future generations: When an asset is held in trust, you can ensure that the monetary value is distributed how you wish, and which individuals benefit from it.


– Retain Own Benefits: When an asset or Plan includes benefits payable during your lifetime, such as Critical illness cover, these can be retained by you for your own benefit.


If you wish to explore this option and it’s many benefits in any more detail, please don’t hesitate to contact us.




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