Life Insurance, Wills and Trusts
The importance of Life Insurance, Wills and Trusts
What are Wills and Trusts?
Both Wills and Trusts allows you to legally state what should happen to your assets.
A will is legal document that takes effect when you die. An executor then distributes your assets to a certain beneficiary, or beneficiaries, such as your spouse or family members.
A trust is a legal arrangement between a trustee and a beneficiary that can go into effect as soon as it’s signed. The trustee may be a person or an organisation who you assign to manage your assets for the beneficiary. This may happen if you don’t think the beneficiary is able to manage your assets.
While a will controls the distribution of nearly everything in your estate, most trusts deal only with specific assets, such as life insurance or a piece of property.
Why use Wills or Trusts?
Setting up a will or trust is important if you want to make it clear who will get your property, money and possessions when you die.
Without a will for example, it may fall to the government to decide who ends up with the proceeds of your estate – meaning unmarried spouses or partners, children from a previous relationship or those under 18 could actually lose out.
So it’s crucial to think about setting up a will or trust to protect your loved ones. Getting expert help is the first step to help prevent any financial nightmares when you’re gone.
The Co-Operative Legal Services can help
We’ve teamed up with The Co-Operative Legal Services to provide a trust service and an easy-to-use will-writing service. They are leading will-writing specialists and offer legal advice without the jargon, with an honest and open approach to the law. Also, if you are thinking of putting your policy under trust, The Co-Operative Legal Services can advise you on your options.
To find out more about setting up a will or trust please call:
0330 606 9742