Deed of Assignment of Large Life Policy

A Deed of Assignment of a Large Life Policy is a document that transfers the ownership of a life insurance policy from one person to another. This can be a useful tool in the context of estate planning, as it can help to minimise Inheritance Tax (IHT) and protect the life policy from care home fees. When an individual assigns ownership of their life policy to another person, the value of the policy is no longer considered part of their estate for IHT purposes. This can help to reduce the overall IHT liability for the estate and ensure that more of the value of the policy is passed on to beneficiaries. In addition to reducing IHT, a Deed of Assignment of a Large Life Policy can also help to protect the policy from care home fees. Care home fees can be a significant financial burden for individuals and their families, and a well-structured life policy can help to provide the necessary funds to cover these costs. By assigning ownership of the policy to another person, the policy is protected from being taken into account when determining the individual's ability to pay for care.