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It's simple, always have got your Life Insurance policy “Written inch Trust”. This may sound technical but it is easy to understand and it's so easy to organise.

“Written inch Trust” guarantees that in the event of a claim, the policy will pay directly to the donees you name on the policy when you first return it out. If you make not make this, the policy will payout to your legal estate and this inevitably intends that the money remains in your solicitor's custody for some time.

Yes, that connotes legal holds and, of course, your canvasser takes a small cut!

Then, if the value of your taxable estate transcends £275,000, and retrieve your home can easily account for the lion's share of the £275,000 bounds without much difficulty, your estate will have got to pay Inheritance Tax. This stands for 40% of the estate's taxable value in extra of £275,000. So, if your estate have to pay Inheritance Tax and the return of your life policy travel to your estate, the taxman gets his custody on 40% of your life policy!

But it's so easy to avoid all these problems.

Simply get your policy “Written inch Trust”. Then the life insurance company pays out immediately, directly, and totally tax-free, to the people you have got named on your policy. All you have got to make is state the online brokerage organising your policy that you desire your policy “Written inch Trust” and they will automatically screen it out for you.

This advice stays sound even if the Life Insurance policy is designed to pay off your mortgage. Rather than your estate using the insurance payout to pay off your mortgage, the policy can be written in trust and paid to your spouse and then he or she can utilize that money to pay of the mortgage. The benefit? Well if your taxable estate transcends the IHT threshold the mortgage is effectively paid off tax-free.

The extra good intelligence is that all the brokers we've met will arrange for your policy to be “Written inch Trust” arsenic a free of charge service. So it's a win win state of affairs and there aren't many of those around these days!