Its simple, always have your Life Insurance policy Written in Trust. This may sound technical but it is easy to understand and its so easy to organise.
Written in Trust ensures that in the event of a claim, the policy will pay directly to the beneficiaries you name on the policy when you first take it out. If you do not do this, the policy will payout to your legal estate and this inevitably means that the money stays in your solicitors hands for some time.
Yes, that implies legal delays and, of course, your solicitor takes a small cut!
Then, if the value of your taxable estate exceeds 275,000, and remember your home can easily account for the lion’s share of the 275,000 limit without much difficulty, your estate will have to pay Inheritance Tax. This represents 40% of the estates taxable value in excess of 275,000. So, if your estate has to pay Inheritance Tax and the proceeds of your life policy go to your estate, the taxman gets his hands on 40% of your life policy!
But its so easy to avoid all these problems.
Simply get your policy Written in Trust. Then the life insurance company pays out immediately, directly, and totally...
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