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Introduction

Introduction

Unmet estate planning needs

An unprecedented number of clients have delayed important financial planning because of the global pandemic.

In our recent survey, 61% of advisers said they have clients who have put off financial decisions because of it.

And while there has been a surge in people making and updating wills [1], and over 50s looking to invest their spare cash for the first time [2], this level of proactivity hasn’t yet found its way into increased estate planning.

Why?

We partnered with VouchedFor, the UK’s largest adviser review site, to survey more than 700 financial advisers and spoke to advice firms across the UK.

This report looks at the challenges advisers face, and shares best practice on how to encourage clients to act on planning for their estates sooner rather than later.

Encouraging clients to take action

Estate planning is time sensitive.

Had your client put plans in place when lockdown measures were first introduced, they would be one year into the seven-year taper for lifetime gifts. And halfway through the two-year qualification period for investments that qualify for Business Property Relief (BPR).

It’s a risk to delay estate planning.

The most recent data available shows £197 million was raised from failed lifetime gifts in the 2017/18 tax year alone [3].

So why would a client choose to delay estate planning?

Our research reveals three common reasons:

  • Clients don’t always fully appreciate the risks of delaying estate planning.
  • Moving a client’s estate planning forward remotely is more challenging.
  • Clients’ uncertainty about the economy is delaying decisions.

This report takes a look at how you can overcome these challenges.

We also share a toolkit of useful resources to help you move estate planning conversations with your clients forward.

Client conversations toolkit

Use our resources to educate and nurture clients when having conversations about estate planning.

Contact our team

Don’t be shy. If you’ve got a question about any of our products or services, please get in touch.