A Deed of Assignment of life assurance is a legal document that transfers ownership of a life assurance policy from one person to another. This type of document can be used in estate planning to help minimise Inheritance Tax (IHT) and protect assets from care home fees.

By transferring ownership of a life assurance policy, the original owner can reduce their estate for IHT purposes, as the policy will no longer form part of their estate when they die. Additionally, the new owner of the policy can benefit from the tax-free payouts that come with a life assurance policy.

Furthermore, if the original owner of the policy is at risk of having to pay care home fees, they can assign the policy to another person who is not at risk. This can help to protect their assets and ensure that they are not used to pay for care home fees.

We provide assistance with drafting and executing a Deed of Assignment of life assurance. Our team of experienced professionals will ensure that the document is legally binding and accurately reflects the wishes of the parties involved.