Put simply, a will is a legal document that tells everyone what should happen to your money, possessions and property after you die (all of these things together are called your 'estate'). If you don't leave a will, the law decides how your estate is passed on ('intestate'), and this may not be in line with your wishes and may not benefit the right people.
In a Will you can also appoint Guardians for your children making sure their future is secured in the best possible way.
What is a Trust?
Trust is a legal document that ensures money from a policy claim is kept separate from an estate. Unlike a Will, it mitigates inheritance tax and speeds up a claim. A Trust allows you - and whoever you choose - to control what happens to your money after your death.
Placing your Life Insurance policy into a Trust is strongly recommended, and we can arrange this Trust free of charge.
- It can ensure your cover pays out in a timely manner
- You decide how much each person gets
- A Trust can mitigate inheritance tax fees