View more on these topics

How to use wills to protect your clients’ wishes

By Ross Jackson, senior protection marketing manager

March is Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales.

Research by Unbiased.co.uk last year* highlighted that over half of UK adults have not written a will. That’s a significant number who haven't made preparations to ensure their wishes are respected when they die. As well as ensuring your clients' wishes are respected, an up-to-date will could also avoid difficult decisions and legal complications for their loved ones.

Questions to ask your clients

As no one really knows when they're going to die or what they'll own at the time, having a professionally drafted will is very important. There are a number of questions your clients should consider:

  • What would happen to their life cover if it paid out?
  • Do they have an effective will in place?
  • Do they understand what happens to the life cover if it’s subject to the rules of intestacy?
  • Do they understand the intestacy rules?

Getting started

Having the conversation about protection and putting plans in trust will also make it easier for you to talk about wills.

You could ask your clients:

  • Who'll get your property after your death?
  • Who would look after your children if you died?
  • How will your children's upbringing be paid for?

There are other things to think about too, like whether the property should be held in trust for the children until they become adults. And whether the guardians should also be the trustees of the children’s fund.

You can ask your client if they’d want to minimise any inheritance tax bill. Inheritance tax can be charged if their assets come to more than £325,000 (for the current tax year 2016/17). They can reduce this with a well-drafted will.

Without a will, your client's property may not go to the person they want it to when they die.

Unmarried couples will have no automatic rights to the other’s property on death. Even if your clients are married, without a will, the surviving spouse may get less than they expect.

How we can help

Free Wills Month gives you a great opportunity to talk to your clients about putting a will in place as well as related topics such as trusts and guardianship (you should also watch out for Will Aid month in November and Will Relief Scotland in September). Our good parent portfolio contains a number of sales aids that show who would benefit if your clients died without leaving a will in England and Wales, Scotland or Northern Ireland. It also has sections dedicated to setting up trusts and dealing with issues of guardianship.

Source – *Unbiased.co.uk, September 2016

Recommended

12

Ex-Almary Green advisers form new advice brand

Two advisers from Norwich-based advice firm Almary Green have formed their own advice firm after Standard Life-owned national 1825 pulled its offer to buy the firm. The two advisers, Fiona Sharp and Stephanie Clark, have set up Verve Financial Planning along with former Sense Financial Solutions adviser Steve Buttercase. The three advisers will act as separate firms […]

Mark-Mobius-2009-700x450.jpg

Mark Mobius: Investing in the travel revolution

With improved infrastructure and better access to reasonably priced flights, more travellers are now able to explore exotic locations they had previously only read about or seen on television. And it is not just those in developed markets seeing the sights. Many people living in emerging markets now have more discretionary income available to enjoy […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment