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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10917
Experience:  30 years as a practising solicitor.
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I want to leave my flat to a friend when I die and Ive taken

Resolved Question:

I want to leave my flat to a friend when I die and I've taken out a decreasing term assurance to settle the remains of the mortgage.
Should I get the insurance to pay out to a trust in the name of the beneficiary or leave it so the estate gets the insurance? Would I have to word the will to take into account the insurance policy?
Submitted: 2 years ago.
Category: Scots Law
Expert:  Nicola-mod replied 2 years ago.
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Nicola
Expert:  JGM replied 2 years ago.
Thank you for your question.
You should deal with this in your will as follows:
"I direct my executors to utilise the proceeds of policy number [. ] with [. ] company to be utilised for the repayment of the mortgage secured over the said property at the date of my death with any surplus to be paid to [. ].
That assumes that your estate would not be liable for inheritance tax. If the policy would take it over the exempt amount you may want to consider the extra expense of setting up a trust.
Happy to discuss further.
I hope this helps. Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10917
Experience: 30 years as a practising solicitor.
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