How are insurance proceeds paid?

If a valid claim is made, the insurance proceeds are paid to Blackfinch in its capacity as trustee. Following the completion of the necessary due diligence, Blackfinch can use or lend the funds to the estate to help settle any Inheritance Tax (IHT) liability and/or distribute the proceeds to the beneficiaries named in the trust deed.

The trust is irrevocable, which means it cannot be changed or cancelled once it has been established. For this reason, we strongly recommend that clients obtain independent legal and tax advice before signing the trust deed.