What is a Trust?
The big question on everyone’s lips, what is a Trust? The simple answer is ‘A Trust is a simple legal Arrangement’. This allows you (the settlor) to gift your life insurance policy to someone else (the beneficiary). It’s a great way to ensure that your life insurance is not considered to be a part of your estate when you die, so beneficiaries won’t face the burden of inheritance tax on your life policy. For joint life policies, both of you must agree to place your policy in trust.