Every penny helps - particularly when inheritance tax will take 40% of an individual's estate in excess of £325,000 and 40% of a married couple's or a couple in a civil partnership's estate in excess of £650,000.
When you start a family there are many financial issues to consider. These things may not be easy to talk about but having children means that you should reconsider your priorities. You should make sure your children are protected against the financial repercussions should one or both parents die.
A policy can be transferred into trust after it has been issued, either by deed of assignment or by a declaration of trust. Alternatively, where the life policy application is accompanied by a letter of request, the life company can issue the policy upon the terms of a specific trust.