Financial advisers' input ignored when making a will

Pedro Gonçalves
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Financial advisers' input ignored when making a will

Only around a third of advisers say that their advice is taken into account when a client makes up a will,  as solicitors and accountants are still disconnected when it comes to estate planning.

Further, less than one in ten advisers (8%) say all their advice is taken on board in the will, with one in twenty saying none of their advice is included, according to a research from Canada Life.

"There's a historic disconnect between the key players when it comes to estate planning. Solicitors, accountants and advisers all play important roles, but they often don't come together at the crucial moment. Unfortunately, it's often the advisers' work that is left out in the cold and this could be to the detriment of the beneficiaries," Neil Jones, tax and wealth specialist at Canada Life, said in a statement.

There’s a historic disconnect between the key players when it comes to estate planning."

"Obviously questions around trusts, gifting and annual tax-free allowances are areas where anyone writing a will should be listening to the financial experts. But the problems don't even need to be that complex to need an adviser. Usually the adviser simply has a better grasp than anyone else of where the assets are, their tax status and the impact of any gifting," he added.

"Even though it's a small number, it's truly worrying that 5% of wills aren't incorporating any of advisers' planning. This seems to be a truly dangerous approach to the clients' finances."

In terms of improving uptake of financial advice, two in five (40%) of advisers say that being able to collaborate more closely with solicitors would have the biggest positive impact on their business, while 37% say the same of accountants. Just 12% of financial advisers deem will writing services as having a potential positive impact on their business.

"We need greater connection between solicitors and advisers. In larger estates particularly it would be incredibly valuable to ensure that an adviser is present when the will is being drawn up. It's simply the best way to get clients and their beneficiaries the result they deserve." 

 

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