It?s simple, always have your Life Insurance policy ?Written in Trust?. This may sound technical but it is easy to understand and it?s 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 solicitor?s 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. View the rest of this article
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