9 August 2007. With nearly 200,000 people having gone through the lengthy and sometimes complicated probate service last year*1, Zurich, through its investment brand Sterling, has introduced a Trust designed to make life a little easier for loved ones at such a difficult time, by negating the need to apply for probate in respect of the money in the Trust.
Available immediately, the Discretionary Probate Trust can be used with the Sterling Investment Bond and is aimed at single settlors who wish to establish a Trust, but retain the right to benefit from the Trust property. On the settlor’s death the benefits of the plan are held in Trust and can be paid to the beneficiaries without the delay that would arise from the need to obtain a grant of probate or letters of administration on the estate.*2
Whilst this particular Trust is not designed to be an inheritance tax solution, Zurich also provides a wide range of Trusts designed to mitigate any potential inheritance tax liability and this new trust sits alongside those.
Paul Wright, Zurich’s Investment Management Director comments: “The Discretionary Probate Trust is designed to speed up the process of distributing an estate by negating the need to apply for probate in respect of the money in the Trust. This is designed to be a simple Trust solution, aimed to make lives easier for loved ones at such a difficult time. We believe that advisers and customers will find this to be a very useful addition to our current trust range.”
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For further information contact:
Sara Lister, Senior Media relations Consultant – Life Tel: 01793 503810
Notes to Editors:
*1 Statistics provided by the Probate Office, showing that in 2006, a total of 196,748 probate grants were issued.
*2 There will need to be at least one surviving trustee at the date of the settlor’s death to avoid probate delay.
About Zurich
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 150 countries.
