The difference between a will and a trust

Trust forms are need-to-know when it comes to life insurance. But what is the difference between your trust forms and a will? Read on to find out…

What is a trust?

A trust is a simple legal agreement in which you will determine who you want to receive the money from your life insurance policy. One of the great parts about your trust forms is there is no rush on completing them and we will be here to help you whenever you’re ready to go through them.

What is a will?

So now you know what a trust form is, a will is slightly different. At Busy Bee we don’t specialise in wills but we can tell you what one is! Whilst a will is similar to a trust form in the respect that it is a type of legal agreement, they are two very different things.

A will is where you set out your wishes on what would happen to your assets when you pass away. It will detail what you want to happen with your possessions, property and money. You can also name who you want to receive each asset and determine the splits.

A will and a trust are two very different documents but in most cases - it's probably best to have both. At Busy Bee, we specialise in the trust side of things but our team will do what we can to point you in the right direction of a will service.

How much does it cost to put your policy in trust?

Nothing!

Unlike most will services which typically charge you for a consultation and to write your will, Busy Bee will never charge you to put your policy into trust. We believe that life insurance should be easy and accessible, so our services are always free.

Are trust forms difficult?

At first glance, the forms may seem intimidating. However, once you’ve got past the big words and bullet points, the forms really are quite straightforward!

What if I need help?

You’re in luck - at Busy Bee we offer a completely free trust service. Our dedicated in-house trust team can provide advice to help you navigate your trust forms.

If you make any mistakes on your forms, we can send you as many new ones as you may need and will even provide you with pre-paid envelopes so that you don’t have to pay anything at all whilst we sort everything for you.

Additionally, if your trust forms are in the drawer, collecting dust, then whack them out and call our trust team on 0161 241 6146 and press option 4 and our team will be more than happy to help you!

Final recap

So the main points to take away from this blog are:

• The main difference between a will and a trust form is that a will is to delegate what you want to happen to your possessions, money, and property. Whereas your trust forms are to delegate where the pay-out from your policy goes to.
• We have our own FREE trust service! Don’t suffer in silence as our team is here to help.
• Both a trust form and a will are important legal documents so it’s always best to do your research before diving in!