Trusts & Inheritance Tax | Fi Protect
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The whole point of us looking at protection, particularly Life Insurance, is to ensure our loved ones do not financially struggle when we pass away. Once a Life Insurance policy is started, it’s highly advisable to make sure you have a Trust set up. Without a Trust, the money paid out from your Life Insurance policy will end up in your estate.


Your estate is like a big pot where all your worldly belongings are stored when you pass. This can include pensions, cash in the bank, investments, equity in property, vehicles owned and Life Insurance policies. If the value of your estate exceeds £325,000, there will be a 40% inheritance tax your next of kin must pay before anything can be released from your estate (for the 1st death in a marriage this is exempt).

In addition to this, your next of kin will have to go through the probate process which can take months, even years to complete. Until this has all been done, the money in the estate (including any money paid into the estate from a life insurance policy) is literally trapped.


The trust, which we will set up for free, is like having a separate pot for the Life Insurance policy to be paid into. So, on death, the money is paid into the trust instead of the estate which means there will be no inheritance liability or long, drawn-out probate process.


Even though you may have a Will in place, which is important, it will have no effect on the Life Insurance policy paying into the estate. This is because, in a nutshell, the money from the Life Insurance policy doesn’t exist yet. It is not possible to put something that doesn’t exist into a Will. As a result, without a Trust, the money will end up in your estate by default.


There are numerous types of Trusts for various personal and business protection products. One thing you can rely on is that we will set the right Trust up for you as part and parcel of the service we provide. We also have a dedicated Trust team who will guide you through should you have any questions or concerns.

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