What to do if you have life insurance?
What to do if you have life insurance? Consider putting it in trust. Otherwise it goes to your estate and it may result in a tax bill or bigger tax bill. It is added to the rest of your estate, increasing its size and thus its potential to suffer Inheritance Tax at 40%.
The trust is a simple document often given to you by the insurance company. Nothing complicated.
As with all financial matters, please discuss this with your financial adviser. We work with a number of independent financial advisers to ensure that you receive all the advice you need.
Blog written by Simon Stone, Specialist Private Client Solicitor and Managing Partner of Kingsley David Solicitors