A client of mine is seeking advice regarding a life policy. It was taken out in 1967 and is now worth in the region of £75,000. On his death, the policy pays to his wife, who has sadly pre-deceased him.
I am, therefore, anticipating that, on his death, the policy pays to his wife’s estate, which by virtue of her Will, will then pass to him, thereby increasing his, already substantial estate, resulting in a greater IHT liability.
The policy makes no allowance for variation of the beneficiaries.
I am struggling to think of a solution,
Any idea would be greatly appreciated.
Harold Bell Infields & Co