Growing appetite for wills and their role in effective inheritance tax planning
A guide for financial advisers
Publication date:
30 June 2021
Last updated:
25 February 2025
Author(s):
Personal Finance Society
Most of us will need legal advice at some point in our lives. When it comes to advising those in later life, financial advisers and planners have to be able to combine competence in a broad range of technical financial subjects with an appreciation of the legal aspects of later life advice, including when to involve legal professionals to ensure good client outcomes.
One growing aspect of later life advice is the delivery of a comprehensive financial plan or strategy involving amongst other things the long- term management of income and assets, the meeting of care needs and intergeneration wealth transfer. Powers of attorney and an up-to-date will are a key part of this, yet when it comes to wills almost six out of every 10 adults still haven’t put one in place or updated it to reflect changing circumstances.
As we approach the greatest intergenerational wealth transfer in history across the UK, during which baby boomers are predicted to pass on more than £5.5 trillion in wealth over the next 25 years, it is increasingly important that financial advisers and planners regularly check that clients have a valid and up to date will in place as part of the annual review and incorporate the option to remember a charity. The Personal Finance Society has developed its series of good practice guides to include some of the key aspects of wills and their role in effective inheritance tax planning.
We hope you find this guide timely, informative and useful.
Read 'Growing appetite for wills and their role in effective inheritance tax planning' Good Practice Guide (PDF)
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.
