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MFI — Insurance Policies (richer v4)
Springboard: 47-insurance-policies (pre-tax). Richer: every policy preserved + enriched (insurer, sum assured, premium, policy number, renewal, beneficiary, linked asset, upload), plus an additive sienna TAX track — a life policy written IN TRUST pays out OUTSIDE the estate (no IHT); one NOT in trust falls INTO the estate and can be taxed at 40%. Each life policy flags its in/out-of-estate status with a concrete £ figure + adviser CTA.
Dashboard › Financial › Insurance
Insurance policies
4 policies · All types shown here, also linked from their asset or property pages
🧾 Life cover & Inheritance Tax — the one thing to check
Your life cover total
£350,000
2 life policies · Aviva + Legal & General
Written in trust (out of estate)
£250,000
Aviva policy · pays free of IHT
Not in trust (in estate)
£100,000
Legal & General · counts toward IHT
IHT at risk on that policy
up to £40,000
£100k × 40% if estate is taxable
A life policy written in trust pays straight to the people you name — it never enters your estate, so there is no Inheritance Tax on it. A policy not in trust pays into your estate first, where it can be taxed at 40%. One of your two life policies is not yet in trust. computed against INHERIT · E&W Tax · reviewed: Stable
Your policies · what we know
Aviva Life Insurance
Life insurance Life
£250,000
sum assured
Policy number
AV-LF-2018-447821 From document
Premium
£42.50/month Extracted
Start date
12 March 2018
End date
12 March 2038
Cover type
Level term · single life
Trust / nomination
Held in a discretionary trust
✓ Named beneficiaries: Margaret Richards (50%), Emma Richards (50%) — via trust
✓ Written in trust — pays OUTSIDE your estateIn trust The £250,000 goes straight to Margaret and Emma without waiting for probate, and is free of Inheritance Tax.
IHT on this policy: £0. Because it is in trust, the payout never joins your estate, so none of it can be taxed.
computed against INHERIT · E&W Tax · reviewed: Stable
Death benefit: The trustees pay Margaret and Emma directly, usually within 30–60 days of a valid claim. Aviva bereavement team: 0800 068 6800.
Legal & General Life Cover
Life insurance Life
£100,000
sum assured
Policy number
LG-2021-119043 From document
Premium
£19.80/month Extracted
Start date
3 May 2021
End date
3 May 2041
Cover type
Decreasing term · single life
Trust / nomination
None recorded
⚠ No trust — payout falls into your estate and follows your will
⚠ Not in trust — pays INTO your estateIn estate The £100,000 is added to your estate value first. If your estate is over its tax-free allowance, this payout can be taxed at 40%.
IHT at risk: up to £40,000 (£100,000 × 40%). Putting this policy in trust would normally mean the full £100,000 reaches your family instead — usually free and reversible while you are alive.
computed against INHERIT · E&W Tax · reviewed: Stable
Death benefit: Without a trust, the payout waits for probate before it can be shared. L&G claims line: 0800 137 101.
AXA Home Contents
Contents insurance Contents
£45,000
cover
Policy number
HC-2024-8847 You entered this
Premium
£28.40/month
Renewal
1 September 2026
Excess
£250
🏠 Linked to 23 Maple Drive →
📄 Upload policy document to auto-extract details
AXA Buildings
Buildings insurance Buildings
£350,000
rebuild value
Policy number
BD-2024-8848 You entered this
Premium
£34.20/month
Renewal
1 September 2026
Excess
£500
🏠 Linked to 23 Maple Drive →
Petplan
Pet insurance Pet
£8,000
annual limit
Policy number
PP-2024-84521
Cover type
Lifetime
Premium
£35.60/month
Renewal
March 2027
🐶 Linked to Biscuit →
After death: Pet insurance may need to be transferred to the new guardian. Contact Petplan to update the policyholder details.
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🧾 In trust vs in your estate — what the difference means
🔒
What “writing a policy in trust” means
Tax track
The payout skips your estate ✓ No IHT
A trust is a simple legal wrapper, set up by the insurer, that holds the policy for the people you name. When the policy pays out, the money goes straight to those people — it never becomes part of your estate, so it is free of Inheritance Tax and does not wait for probate.
computed against INHERIT · E&W Tax · reviewed: Stable
Most insurers let you put a policy in trust for free, and you can usually change your mind later. How a policy trust works
💲
Your Legal & General policy · £100,000
Tax track
✓ If put in trust
£0
Inheritance Tax on the payout. Your family receives the full £100,000.
⚠ Left as it is
up to £40,000
Inheritance Tax if your estate is taxable. Your family could receive as little as £60,000.
⚠ Worth doing: this is your one policy not in trust For planning
Your Aviva policy is already in trust, so it is sorted. The Legal & General policy is the one to look at — putting it in trust could keep up to £40,000 with your family instead of going to tax.
computed against INHERIT · E&W Tax · reviewed: Stable
🧾
What you can do next
Tax track
In short: £250,000 of your life cover is already safely outside your estate. The remaining £100,000 is not — putting it in trust is usually free and could save your family up to £40,000 in tax. An adviser can set this up and check it fits the rest of your estate plan.
computed against INHERIT · E&W Tax · reviewed: Stable
Tax figures are estimates computed from your estate against the open INHERIT standard's England & Wales tax rules (status: Stable, reviewed by a named reviewer) — they are guidance, not tax advice. Whether a payout is taxable depends on your full estate and how each policy is written; the £40,000 figure assumes the estate is over its tax-free allowance and the policy is not in trust. Policy details are drawn from the documents you uploaded or entered. MyFamilyInherits does not provide legal or tax advice; advisers shown are independently regulated (SRA / CIOT / STEP). You will never be charged automatically.