Advisers can then input key details online, such as the appointed trustees and beneficiaries, and produce pre-populated forms. Advisers can also download a guide to trusts and look at useful information ahead of talking to clients.
A recent LV= survey among IFAs writing life policies found that nearly a quarter (23%) avoid writing policies in trust because they don't understand them or aren't confident explaining trusts to clients.
Writing a life policy in trust means clients can choose exactly who receives the proceeds of their policy and ensures that the proceeds aren't subject to probate. A trust can also be used for inheritance tax planning purposes.
Mark Jones, LV= Head of Protection said
"Our new online tool makes it simple for advisers to identify which trust is most suitable, and then makes it easier to write the policy in trust. It was important for us to make this tool as useful as possible by being able to apply it to both new and existing polices, covered by any provider.
"As well as being able to bypass probate, and being useful for inheritance tax planning, policies written in trust are often less likely to lapse, which benefits the client and adviser as well as the provider. We've trialled Trustbuilder with advisers and received excellent feedback, and believe that it adds real value in trying to get more life policies written in trust."
