How can I protect my children’s inheritance?
If a plan is not in trust, proceeds will form part of deceased’s estate and may be subject to probate and could possibly be subject to inheritance tax depending on the value of the estate!
By placing a plan in trust, the proceeds do not form part of the deceased’s estate and can be paid to the beneficiaries more quickly, and under current legislation, are not usually subject to inheritance tax.*
At Prudens Financial Protection Ltd when we recommend life cover, we will also advise whether it is beneficial to place the cover in trust.
* Please note that Prudens Financial Protection Limited does not offer advice on taxation matters. You should contact your accountant or other suitably qualified person to confirm whether this product is appropriate for your circumstances. Trusts are not regulated by the Financial Conduct Authority.