Also, let me stress, it’s not just about things with monetary value; someone may own possessions with a sentimental value that they would like to go to a particular person, or have charities they might like to leave a legacy to.
FTA: We know wills are important, so why doesn’t everyone have a will in place?
MUZ: Very good question. People are busy and I respect that. In my experience, they often realise the importance of a will, but accessing high-quality advice can be a challenge, so they procrastinate.
My clients also tell me they’ve been concerned about IHT, structuring their assets, asset preservation and so on, so prefer to consider all of these things together.
They realise a basic will wouldn’t be enough for them, so they want to have a conversation with an accountant and a solicitor to explore their options – but they never get round to this.
People need to speak to a private client specialist who is a member of the Society of Trust and Estate Practitioners, and you can access its membership directory online https://www.step.org/members.
There are not many of us in the UK, but you’ll be in good hands. Step members are often qualified solicitors, barristers, accountants and financial advisers. Not only can you rest assured over their technical competency, but they also have a strong code of professional standards.
FTA: How can advisers work with clients, solicitors and family members to help put financial solutions in place before the client’s vulnerabilities prevent them making sound financial decisions?
MUZ: This is where the importance of regular financial reviews come into place. I don’t know any other industry other than in financial advice where clients regularly see their adviser, which is usually once a year.
Those meetings are crucial to re-emphasise the importance of putting in place suitable wills and LPAs. Financial advisers are best positioned for that conversation.
Although financial advisers are far better qualified than ever before and are highly regulated, the major advisory groups often require their advisers to only refer their clients to a member of Step or a suitably experienced private client solicitor for good reason.
Of course, it’s important financial advisers and legal advisers work together to ensure the planning that is put in place is complementary, to secure the best client outcome.
Simoney Kyriakou is senior editor of FTAdviser
