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.
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:
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:
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 2016/2017). They can reduce this with a well drafted will.
Without a will, your client's property might 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.
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 die 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
Senior Protection Marketing Manager
Ross joined Royal London in May 2014 as Senior Protection Marketing Manager bringing with him 16 years’ experience in financial services. He has held various marketing roles during his career and has experience working across a number of markets including savings and investments, individual pensions, workplace pensions, platforms and most recently protection. He has a keen interest in behavioural economics and how this can be applied practically to change consumer behaviour in financial planning.