News1 min ago
POLICY in TRUST
I have a whole life cover insurance and don`t know whether to put it in trust or not.I want to make it the easiest way possible for my family to claim the money when I die.
From what I can gather ,it is to do with inheritance tax.
Now I will not have any estate to leave ,am a pensioner and by the time,hopefully,I die ,I will have depleted any savings I have.
So it will just be my insurance for them.
I have rang my insurance company and they are sending me the necessary forms but she was saying something about the executor etc...all this is beyond me.
So can some kind person out there enlighten me about this in simple form.
Thank you
From what I can gather ,it is to do with inheritance tax.
Now I will not have any estate to leave ,am a pensioner and by the time,hopefully,I die ,I will have depleted any savings I have.
So it will just be my insurance for them.
I have rang my insurance company and they are sending me the necessary forms but she was saying something about the executor etc...all this is beyond me.
So can some kind person out there enlighten me about this in simple form.
Thank you
Answers
Best Answer
No best answer has yet been selected by kloofnek. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If you name someone (your daughter) as beneficiary on your insurance policy the policy will pay out directly to the beneficiary and will bypass probate whether you have a will or not. You can name multiple beneficiaries and each will get an equal share.
Have a read of this: http://www.quickquote.com/libene.html
Have a read of this: http://www.quickquote.com/libene.html
Sorry about giving a late thank you to you all,I have purchased a DIY Will kit and will get that sorted,plus,I think a good idea to name my daughter as the beneficiary.She can then sort everything out foor the rest of the family.
Ubasses...you are right,one never knows what good fortune one may have.
Happy Easter in advance.
Ubasses...you are right,one never knows what good fortune one may have.
Happy Easter in advance.