wills and trusts

Our Services

When we arrange a protection policy for you such as Life Insurance we will write the policy in Trust where appropriate.

Whilst we can write your policy into a trust, Wills and Trust advice is referred to a third party. Neither Right Mortgage Solutions Ltd trading as TF Financial Advisors nor PRIMIS are responsible for the service received. These services are not regulated by the Financial Conduct Authority and may have limited consumer protection.

why have a trust?

The main reasons for writing a policy in Trust are as follows

Speed

If a policy is on a single life basis, the policy will not pay out until probate (or confirmation in Scotland) is granted on the estate. This can sometimes take time. If the policy had been written in Trust, the funds do not go into your estate and the Trustee can obtain the proceeds immediately.

Tax Planning

When a policy which has not been written in Trust the proceeds go into your estate and as a result, depending on the value of the estate the policy proceeds may be subject to inheritance tax. If a policy is written in Trust then the proceeds can be paid directly to the Trustee for the benefit of the beneficiaries without going into your estate & would not usually be subject to inheritance tax.

Certainty

When a Trust is set up you ensure that who you wish to receive the benefits of a policy on your death definitely does. Because the proceeds don’t go into your estate, they are paid directly to the Beneficiaries via the Trustee.

Beneficiaries

This can be extremely important in circumstances where someone may have been married before or have particular wishes for the policy proceeds should they die. You will either be asked to name the Beneficiaries in the Trust deed or give a “Letter of Wishes” to the Trustee so they know who you wish the proceeds to go to on your death.

These products are not regulated by the FCA and we are not authorised via PRIMIS Mortgage Network to advise on them