Trusts
Writing your policies in trust is one of the best ways to protect your family’s future in the event of your death. Your Will is a significant asset, and by putting your policy in trust, you can manage the way your beneficiaries receive their inheritance.
What is a trust?
A trust is a legal concept that started in the Crusades and has been developed over the centuries to become a robust mechanism used worldwide. They can be found in everyday life, for example, if you have a pension.
By using trusts to protect your assets, you are able to specify how and when your beneficiaries will receive a benefit from your estate. You can impose conditions or time limits on gifts to individual members of your family. This can be of enormous benefit to their long-term security.
By making gifts via a Trust you will be able to:
Protect your son or daughter from losing their inheritance in a divorce
Reduce the risk of losing your estate to the Local Authority to pay for your spouse's care
Delay the gift to your grandchild until they are responsible enough to appreciate it.
Alternatively, by not having a Trust and leaving 'absolute' gifts in your Will:
Your son's or daughter's estranged spouse could receive a nice windfall​
Your husband or wife who goes into care after your death may be forced to use your estate to pay for that care
Your grandchildren who are under 18 may use your estate unwisely