Why don’t videos like this have more views ? I refuse to leave my children with nothing as previous generations before me. I will pass down generational wealth down too them. I’m getting my whole life insurance soon.
Hello Nicola may i ask you a question , if i died and had money in my bank account how would my N o K retrieve the money on my behalf , what is the procedure . many thanks
It depends on the amount as to whether or not probate is involved and it also depends on whether or not you have a will (a will drastically speeds things up). If so then quote a lengthy procedure on average 6-12 months.
Do you have to keep paying the life insurance in order to maintain the trust? My parents stopped their life insurance when they paid off their mortgage. Does the trust still exist?
If it is a life insurance trust then yes, the trust is only going to be applicable in the event of the policy paying out. If it is a property trust then the trust would still be applicable so really it depends on the type of trust in place.
If u both spouse have a insurance and 3rd person is a trustee an one of the person die so who will get the money the other insurance holder or the trustee
If I only have one beneficiary, can I just gift my asset to my beneficiary to pay for my life insurance policy? Then I don't even have to bother with setting up a trust, right?
If it is worth over £325,000 the beneficiary could have an inheritance tax liability. Also they may prefer the flexibility of being able to decide how/when the money is paid that you can have with a trust.
In answer to your first question it would depend on the wishes stipulated in your will if you have one. If not then courts would appoint executors and trustees and money would be distributed according to the laws of intestacy. A trustee can also be a beneficiary.
Why don’t videos like this have more views ? I refuse to leave my children with nothing as previous generations before me. I will pass down generational wealth down too them. I’m getting my whole life insurance soon.
Did you get it?
Brilliant video. Always impressed by people who can explain complex topics in simple layman's terms.
By far the most detailed introductory Video I have watched around this topic
Ŕ330pl
Why pitchforks and muskets weren't gathered over inheritance tax alone, I'll never know.
Really informative and clear on such a complex topic thank you!
I find your videos really easy to understand and very clear. Thank you for this
Does Donna McCarthy underwrite policies abroad. Like in Ghana?
nicola you are not only beautiful but very knowledgeable about this complex topic
Thank you!
Thanks so much, very useful information.
Thanks so much for simplifying this , very useful information
can you borrow from your policy in the uk?
Great informations ! Tks !
Thank you for this. I was thinking the trust pays out after 150 years after the policy holder has passed away
Oh no, it makes the process of benefits payment easier in the event of death of the policy owner
Hi thanks for the video
Do you know when may you borrow this money of your trust ?
Nice
I made notes! Thank you x
Great video!
Hello Nicola may i ask you a question , if i died and had money in my bank account how would my N o K retrieve the money on my behalf , what is the procedure . many thanks
It depends on the amount as to whether or not probate is involved and it also depends on whether or not you have a will (a will drastically speeds things up). If so then quote a lengthy procedure on average 6-12 months.
Get their pin number before they go. Then pull it out. They would want you to have it.
very helpful thank you
This was very useful.
Do you have to keep paying the life insurance in order to maintain the trust? My parents stopped their life insurance when they paid off their mortgage. Does the trust still exist?
If it is a life insurance trust then yes, the trust is only going to be applicable in the event of the policy paying out. If it is a property trust then the trust would still be applicable so really it depends on the type of trust in place.
Can your trustee live abroad?
If u both spouse have a insurance and 3rd person is a trustee an one of the person die so who will get the money the other insurance holder or the trustee
It depends on the type of trust. If you need a hand selecting the most suitable trust then please get in touch.
T: 01785 338148
www.DM.Mortgage
Great video. Very informative. Can you have more than one trust?
Hi Jess, thanks! yes you can have multiple trusts.
If I only have one beneficiary, can I just gift my asset to my beneficiary to pay for my life insurance policy? Then I don't even have to bother with setting up a trust, right?
If it is worth over £325,000 the beneficiary could have an inheritance tax liability. Also they may prefer the flexibility of being able to decide how/when the money is paid that you can have with a trust.
What if the setllors and trustee both die? And beneficiaries are set up. -Where does the money go?
-Can a trustee be a beneficiarie?
In answer to your first question it would depend on the wishes stipulated in your will if you have one. If not then courts would appoint executors and trustees and money would be distributed according to the laws of intestacy.
A trustee can also be a beneficiary.
This is completely inaccurate for America. Just fyi.
Thief Liar and Despicable....