Most Britons are postponing seeking estate planning advice until it is too late, according to a research from Canada Life.
The study shows that over half (54%) of financial advisers identified the issue with clients seek advice too late in the estate planning process as the biggest pitfall of the whole process.
This is followed by failing to go through with the agreed plan, cited by more than one in ten (14%) IFAs, while a further 14% say clients make financial commitments prior to speaking to a financial adviser.
Failing to leave enough time to consult a financial adviser is an estate planning pitfall that is almost on par with failing to consult one at all"
Neil Jones, Tax and Wealth Specialist at Canada Life, said: "Clients are missing out on tax planning opportunities that can leave their beneficiaries on the hook for unnecessary inheritance tax.
"Things like the seven year rule on gifting require long term planning, while phasing an annuity requires careful forethought but reaps incredible dividends for the right person. It can make the adviser's job harder if the client has already sold or gifted the family jewels before they talk to a professional. Such as decision can have significant implications for future planning and create issues that can loiter for many years.
"Failing to leave enough time to consult a financial adviser is an estate planning pitfall that is almost on par with failing to consult one at all. We need to engage with clients as early as possible - potentially before an IHT issues exist. The only way to effectively cut through red tape is to tap into the years of experience that a financial adviser possesses."
Just under half (48%) of financial advisers say that some of their advice was incorporated into a client's will after speaking with them, rising to 52% of single adviser firms.
2.5% widely expected
Basic state pension increased 41% since policy inception