Basic Guide To Trusts

Although putting a policy in to trust isn’t necessarily suitable for all people, it can be advantageous in the case of many. This guide is here to give you a basic understanding but please speak to your Regal Finance Group expert in order to proceed with setting up the most suitable trust.

What is a Trust?

A trust is a simple legal arrangement that 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 your beneficiaries won’t face the burden of inheritance tax on your life policy.

How do Trusts work?

Setting up a trust means that you (the settlor) give your policy to the trustees who then legally own your policy and look after it for the benefit of your beneficiaries. You will still be responsible for paying the premiums on the policy, but the trustees will be responsible for the trust deed.

It is important to select the right type of trust as some cannot be amended. However the right trust can provide lots of flexibility so that your changing circumstances can be taken in to account.

What are the advantages of having a Trust?

    You get to specify who the beneficiaries are, and who you trust to act on your wishes.

     Avoiding Inheritance Tax – using a trust should mean that the money paid out from your life insurance will not be part of your estate, increasing the amount of money that can passed to your beneficiaries.

    Quicker payment of the sum assured – with a trust you do not need to wait for probate to be granted so the money can be paid to those who need it a lot quicker.

What are the advantages of having a Trust?

Speak to your Regal Finance Group expert today to assist you with placing your policy in to the most suitable trust.

Amy Bailey
Amy Bailey
2022-05-05
Fantastic fast service! Matt & Kirsti were amazing throughout and always on hand to help with any questions. Would highly recommend!
Anna Elson
Anna Elson
2022-04-26
Matthew and Kirsti at Regal Finance Group were amazing. We had a complicated financial situation and anything we threw at them they dealt with and supported us through the whole process. We took out a mortgage via them and they explained everything clearly. They were very prompt with replies and always had time for us. We couldn't recommend them enough! Thanks guys!
dababy drake
dababy drake
2022-04-21
We first met Richard about 5 years ago, we were trying to sell a property and buy a new one. My father had recently passed away so it was quite an emotional discussion. Richard was very open and honest with us and managed our expectations on what was feasible. Thanks to his advice and guidance then, we are now in a position to buy a bigger house and once again Richard has pulled out all the stops and managed to secure us finance for our dream house. Richard is very professional and always responsive and attentive to our needs. I would definitely recommend the Regal Finance Group, they have enabled us to successfully keep moving up the ladder within our means! Thank you.
Kyla Feltwell
Kyla Feltwell
2022-04-07
Both Matthew and Kirsti were amazing throughout our mortgage process. As first time buyers we had no clue of what to expect or what to do but they were on hand every step of the way to help us through the process and reassure us. We would highly recommend their services
Michaela
Michaela
2022-02-02
Excellent service. Kirsti was very helpful and informative and helped us with our remortgage, life and income protection insurances. Our circumstances were a bit complicated but we got an excellent product we were happy with. We will be using regal finance group in the future and would recommend them to anyone. Matt was also very helpful and we were kept up to date throughout the process
Damian George
Damian George
2022-01-17
Kirsti has been absolutely amazing threw out the hole process. She has responded to every email and even when the solicitors have been a little slow as soon as we have had a concern or questions she has been on them. Just what you need really. It has made the hole process less stressful and made the experience not so daunting. We wouldn't go anywhere now and will always recommend them to anyone. Great job.
Robyn Corroon
Robyn Corroon
2022-01-13
My self and my partner just brought our first home and with out the support from Regal Finance Group it wouldn’t of been possible. We was supported by Richard Power and he was amazing. Richard really helped us understand the whole process as first time buyers there was things we didn’t understand. Richard also helped take the stress out of all the form filling. Richard staying in regular contact and always responded to calls and email in good time. I could not recommend this company and especially Richard Power enough.
Peter Nelson
Peter Nelson
2022-01-12
Our experience as first time buyers using Regal Finance Group was fantastic. Every time we spoke to Matthew and Kirsti, we left the call feeling calm and confident in the process. They helped us through from start to finish with quick responses and a genuine care about us. Couldn't recommend them enough!
Joss Goodchild
Joss Goodchild
2022-01-10
The Regal Finance Group team were incredibly helpful throughout the mortgage offer process. They were always quick to respond, innovative with their thinking and willing to work with us to find a solution. We are very happy with the work they did.
ashley billl
ashley billl
2022-01-04
Richard was reassuring and professional throughout the particularly difficult purchase and mortgage application - The Covid pandemic really added complexity. We always felt responded to with fast, positive and proactive support which made getting the mortgage surprisingly painless. We would 100% go back to him again for a mortgage. As a note his colleague Kirsten was also a star, again responsive and supportive throughout - A big thanks to you both!

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    Who Needs Critical Illness Cover?

    Deciding to take out a critical illness policy is completely your choice, much like your life insurance cover, it is not a legal requirement. There is nobody to chase you up if you do not have it in place.

    If you are unsure if critical illness cover is worth it for you, it may be worth weighing up the monthly cost of a payout against the benefits you will receive if the need for a payout occurs.

    If you have a family that are financially dependent on you and would struggle without your income or financial loan payments, such as a mortgage that needs to be paid monthly, then it may be worth investing in critical illness cover.

    What is The Difference Between Critical Illness Cover and Life Insurance?

    Many people assume life insurance covers you for pretty much everything, however it doesn’t and therefore, people wrongly hesitate when it comes to additional types of cover.

    On the whole, life insurance will only pay out if you die, whereas critical illness cover doesn’t pay out upon your death, only when you are diagnosed with a life threatening illness.

    Some life insurance policies will include critical illness cover, but not always. It’s always worth checking with your current provider for the exact details of your policy.

    Similarly to life insurance, critical illness cover only pays out once and then cover is terminated. So anything else that occurs after you have made a claim and received a payout is not covered.

    What is Required When You Take Out Critical Illness Cover?

    • Generally, you have to be over 18 years old and hold a UK bank account if you want to take out critical illness cover.
    • You will also have to take part in a medical examination or questionnaire, so the provider can assess your level of risk. Here you will have to disclose any known health problems and any habits that are likely to affect your health, such as smoking or drinking.

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