Three Reasons why it\u2019s important to putting your protection Policy into Trust:<\/p>\n
Better control \u2013 Making sure the money goes to who you intended it to at the right time<\/p>\n
Faster Payments \u2013 When a protection policy is in a Trust, the Provider will usually be able to pay the proceeds on receipt of the death certificate. If there is no Trust, they will need to wait until Probate has been granted (which can take some months) which will delay the payment being made to your mortgage provider or your family. Would they be able to maintain living costs whilst waiting for this to be sorted?<\/p>\n
Reduces Inheritance Tax Bill \u2013 If the policy is set up in a Trust it does not form part of your Estate, which means it will be paid out as a Tax-Free Lump Sum to your beneficiaries. If the policy isn\u2019t in trust, the proceeds will be added to your estate and may potentially be liable to a 40% tax liability, meaning your family may not receive the full amount that you had wished, and had been paying for.<\/p>\n
It doesn\u2019t cost anything extra to put your Policy in Trust. If you have a protection policy that you don\u2019t think is in Trust, give us a call and we will be able to help arrange for you.<\/p>\n
This blog is not intended to replace independent financial advice, if in doubt, please contact us.<\/p>\n","protected":false},"excerpt":{"rendered":"
Three Reasons why it\u2019s important to putting your protection Policy into Trust: Better control \u2013 Making sure the money goes to who you intended it to at the right time Faster Payments \u2013 When a protection policy is in a Trust, the Provider will usually be able to pay the proceeds on receipt of the … Continue reading The Importance of Putting Protection Policies in Trust<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-118","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/posts\/118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=118"}],"version-history":[{"count":1,"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/posts\/118\/revisions"}],"predecessor-version":[{"id":119,"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/posts\/118\/revisions\/119"}],"wp:attachment":[{"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tmam.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}