Putting a policy can help make sure that the policy proceeds get paid quickly to the right person or people. It also avoids the need to wait for probate to be granted, as the life insurance company will usually paid the claim to the trustees once they have produced the original trust deed.

An adviser should explore why a trust could be appropriate, according to experts, because there could be compensation claims and even possible regulatory ramifications if they fail to do so.

This guide tackles who should consider a trust, what policies can be included in these arrangements, the different types of trust available, pros and cons of this option and the regulatory requirements for recommending such action is taken.

Contributors to this guide are Esther Dijkstra, head of intermediary protection propositions at Scottish Widows; Kevin Carr, chief executive of Protection Review; Chris McNab, protection product manager of LV; and Ian Smart, head of product development and technical support at Bright Grey and Scottish Provident.