Trusts are more versatile than you think

By Alison Esson, proposition development & technical support manager

We want to make trusts as easy as possible for you by taking away some of the misconceptions around what you can use them for and when you can use them.

In doing this, we’re helping you do the right thing for your clients and making it easier for you to do business with us.

More than just a tax planning tool

As an adviser, you’ve worked hard to show your clients how valuable protection can be. Protection needs are wide ranging but I suspect all of your clients have one thing in common – they want the money to reach the right people quickly. Trusts can help to do just that, as well as help mitigate inheritance tax.

What if there was something you could do to help money get to families quicker?

Well, there is. Writing policies under trust ensures that payments can be made to beneficiaries quickly. In the case of life cover, probate will not be required if the plan is written in trust. The trustees will be able to distribute the money in line with the policyholder’s wishes and avoid probate fees. The process is called Confirmation in Scotland.

Is it too late to help clients with plans already in place?

The good news is that it isn’t. For all personal protection arrangements, excluding relevant life plans, trusts can be put in place at any time. We’ve made it easy for you to write plans under trust when applying for the cover or after the plan has been put in place. You can even arrange the trust online with our online trust service.

We’re here to help

All our trusts are designed around our products. We can help you find the right type of trust for clients – take a look at our trust tool on our website. There’s also a range of useful guides to help clients understand trusts and help them choose the right trustees. You might also like to take a look around our Technical Central page, which may help answer your questions on trusts and taxation.



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