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Policy trust service

Having arranged important life cover to protect your loved ones it is vital that policy proceeds are paid out quickly to the intended beneficiaries.

To ensure this happens, your professional adviser will usually recommend that your non-mortgage life insurance policy is put in trust which gives 3 main advantages.

Make sure your cover pays out tax free to the right people at the right time.
  • The policy proceeds can be paid to the beneficiaries you have allocated more quickly. In normal circumstances an insurance company would require a grant of probate in order to pay a claim but by placing the policy in trust you have already given instructions as to where the benefits should be paid and can avoid legal delays.  
  • If your policy is not placed in trust, then the proceeds that are paid would be added to the deceased estate and may be subject to Inheritance Tax on any portion above the tax free allowance. By writing the policy in trust the benefits are placed outside of the estate and would therefore be tax free.
  • Should you die without leaving a will, your estate including any proceeds will be paid out according to the laws of intestacy which may lead to your beneficiaries not receiving the amounts you intended. Placing a policy in trust will ensure that the trustees of the policy pass the proceeds in line with your instructions. 

Your Blackstone adviser will be delighted to talk to you and take the time to ascertain your intentions and complete all of the necessary paperwork for you. The adviser will guide you through the process and arrange the right trust for you. 

We would always recommend that you also write a will and can introduce you to experts who can arrange this for you.

Call Blackstone on Bristol 0117 403 0097 to speak with an adviser and find out more about the service we can offer you.

Please note, tax rules are subject to change.

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