I have never dealt with this type of policy and need some guidance please.
I am dealing with a estate where the deceased held a legal & general discretionary trust policy for a life policy sum of £230k.
The total value of the estate is under £1m and all goes to spouse.
The trust was set up 15 years ago and the beneficiaries are the spouse and child.
Am i right in thinking that the trust falls outside of the estate for iht purposes?
Are there any 10 year anniversary charges and or exit fees,even if the estate is under the iht threshold?
Does this trust need to be registered?
Thank you in advance.