Written by Richard Smith Financial Expert on 27 November 2005
Claims on life assurance policies written under trust are paid usually within three to five days compared to significantly longer timescales for policies not written in trust, which can in some cases take up to six months. Yet anecdotal evidence suggests that only around 10% of life assurance policies in the UK are written under trust.
People should ask themselves why they would not put their policies in trust rather than questioning the need to do so. Trusts and life assurance policies should go hand in hand.
Using a trust can speed up the payment of a claim dramatically because there is no delay in waiting for the grant of probate or letters of administration, which could otherwise take up to six months after the death of the person insured. Trusts can also help minimise Inheritance Tax and ensure money is paid to the right people which can help to avoid potential family disputes.
There are many different types of Trusts designed to suit different circumstances. Obtaining professional advice is essential!
Richard Smith Independent Financial Expert 0845 226 9106
http://www.thefinancezone.co.uk
Providing Independent Financial Expert in Crawley, Sussex and Surrey RH1 – RH0
Posted in Uncategorized | No Comments »
Written by Richard Smith Financial Expert on 27 November 2005
Pension Rights of Civil Partners
The Civil Partnership Act will come into force on 5 December 2005.
It will allow same sex couples to register their relationship as a civil partnership and so qualify for most rights, including certain pension rights, which currently only apply to married couples. There will be an immediate impact on State pension benefits and Public Service Schemes. Private sector occupational arrangements will need to review their scheme and ensure that they have an agreed and published policy in place.Dissolution of civil partnerships
Civil partners will be treated the same as married couples for tax purposes from 5 December 2005. There will be respective rights and responsibilities for civil partners. These include:
· Financial maintenance and protection upon separation.· Tenancy rights for surviving civil partners· Unlimited insurable interest· Rights under the rules of intestacy.
For prospective civil partners the message is undoubtedly ‘look before you leap’. As with unmarried heterosexual couples contemplating taking the plunge, sound professional advice is essential.
Richard Smith
Independent Financial Expert 0845 226 9106
http://www.thefinancezone.co.uk
Providing Independent Financial Advice in Crawley, Sussex and Surrey RH1 – RH0
Posted in Uncategorized | Comments Off
