Life insurance in trusts 'will avoid probate'

Those hoping to avoid probate difficulties in the event of the death of a loved one could consider taking out a life insurance policy, as one expert notes this can result in a faster release of funds.

Probate and estate administration can be difficult and complex to resolve, especially where an individual failed to make a will before they died.

Moves to avoid probate delays might also reduce financial and emotional strain, as paying for the cost of a funeral may be burdensome at an already difficult time.

The Economic Voice advises those with life insurance consider writing the policy into a trust, revealing: "This has two benefits which involve ensuring the lump sum is paid directly to the estate rather than having to go through complicated probate."

A recent report in the Telegraph highlighted the importance of probate lawyers, with a woman who had recently inherited part of her parents' house saying such professionals may be helpful "at a time when emotions run high".

Published by Rose Orlik