No if’s or but’s… you should have an up to date Will.
That said, even if your Will is up to date you should consider writing your Life Insurance into trust.
Don’t forget, Critical Illness policies often include Life Insurance – which can also be written into trust.
Call anytime on 01287 650300 if you would like help.
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Reasons to consider writing life insurance in Trust include:
- You can name who you wish to benefit from your Life Insurance, this is especially important if you do not have a Will (yet).
- Your benefit may not be subject to inheritance tax.
- Once a claim has been approved by your insurer, money should be available more quickly as probate may not be necessary.
If your Life Insurance is not subject to a Will or Trust, it may simply form part of your estate and not be paid to those you wish. Also, a significant sum of Inheritance Tax may be payable.