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can you specify who a life insurance policy would pay to?

(6 Posts)
ilovetochat Wed 05-Aug-09 19:05:45

Can you name a person who would benefit rather than legal next of kin?

HecatesTwopenceworth Wed 05-Aug-09 19:06:23

yes. you name the beneficiary

claricebeansmum Wed 05-Aug-09 19:07:17

Yes I think you can. I think you can put it in trust to whoever you want. Ask an IFA of the most tax efficient way of doing this.

duke748 Wed 05-Aug-09 19:29:55

Yes you can. You need a seperate form called a trust form.

There are different types of forms for different types of policies.

For a life insurance policy you need a discretionary trust form. Call the provider of your policy and ask for one.

An IFA won't help you as there won't be any income in it for them.

Its worth doing as it means that you can specify who gets the money and you can make sure that its given out side your estate, which means that there will be no inheritance tax due on it.

LynetteScavo Wed 05-Aug-09 19:32:01

Yes, infact you should be able to specify more than one person.

ilovetochat Wed 05-Aug-09 21:46:06

thank you all, thats very helpful! smile

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