A trust designed to cut out the "lengthy and complicated" need to apply for probate has been launched by Zurich.
The Discretionary Probate Trust, available through Zurich’s investment brand Sterling, is aimed at single settlers who wish to establish a trust, but retain the right to benefit from the Trust property.
On the settler’s death the benefits of the plan are held in trust and can be paid to the beneficiaries without the need to obtain a grant of probate or letters of administration on the estate.
Probate is the court’s authority, given to a person or persons, to administer a deceased person’s estate.
The document issued by the Probate Service is called a Grant of Representation, an application for which can take weeks.
Some other firms, including LV=, also offer a similar online quote service.
Paul Wright, Zurich investment management director, says the addition to the firm’s trust range has been designed to offer a “simple” solution.
“The Discretionary Probate Trust is designed to speed up the process of distributing an estate by negating the need to apply for probate in respect of the money in the Trust.
“This is designed to be a simple Trust solution, aimed to make lives easier for loved ones at such a difficult time.
“We believe that advisers and customers will find this to be a very useful addition to our current trust range.”
Zurich says the Discretionary Probate Trust is not designed to be an inheritance tax solution.
It also points out, according to statistics released by the Probate Office, nearly 200,000 people went through the “lengthy and sometimes complicated” probate service last year.
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