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Can our life insurance policies be ‘written in trust’?

souhaib by souhaib
September 29, 2020
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Can our life insurance policies be ‘written in trust’?

By Stephen Womack
Updated: 16:21 BST, 23 May 2011

 

My wife and I each have whole of life insurance policies. We would now like these to be ‘written in trust’.

I thought this was supposed to be simple but both insurers tell us we need a solicitor. Why? C.W

Mel Kenny, chartered financial planner with Radcliffe & Newlands replies: Writing life insurance policies in trust ensures a faster payout by avoiding probate.

The proceeds of a policy in trust are not counted as part of your estate for inheritance tax. Life insurers provide standard trust packs, but using the services of a solicitor can ensure your individual needs are met.

As you are transferring an existing policy, greater care must be taken as it will be treated as a gift for IHT purposes. The investment values of your policies and your health must be taken into account.

If your health has deteriorated, your policy could have a greater value attached to it. Where this exceeds the annual IHT gift allowance of £3,000 there are potential tax implications to consider.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.



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