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Whole of life policies cover funeral arrangements, inheritance and tax bills

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Over 50's plans are suitable for people with pre-existing medical conditions

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New Trust rules add complexity

13th November, 2017

New Trust rules add complexity

Putting a life policy into Trust is generally a good idea. Not only does it ensure that single life policies are not held up in probate, it can also mean avoiding inheritance tax. This is a 40% tax applied to the deceased’s estate when the value exceeds £325,000, which it can reach when the sum assured on a life policy is added.

But Trusts can also be confusing for consumers due to the considerations, jargon and complications related to them. This has made the uptake of Trusts surprisingly low considering the benefits, with the latest figures showing uptake averaging between 7% and 10%.

Experts are suggesting that the new beneficial ownership register for Trusts will add yet another layer of complexity for consumers. This was not a problem when joint policies were the norm, but now it is much more common for couples to have two single policies.

If you would like to discuss placing your life insurance in trust then call us directly on 0800 024 8685, or browse our quotes page to find out more!

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