Getting advisers to talk about legal estate planning during the coronavirus

Despite the extraordinary times we are living in, approximately 60% of UK adults still do not possess a will. Moreover, many of those wills may be ineffective because they are outdated. This in turn means they are not representative of the current wishes of the client. 

That is why one of the biggest growth opportunities for advisers lies within the realm of legal estate planning. 

For example, research from Co-op Legal Services found that, of the 207 Independent Financial Advisers (IFAs) surveyed, as many as three quarters believed providing advice on wills and other legal estate planning would improve their clients’ satisfaction. 

Therefore, with the current COVID-19 pandemic potentially increasing demand for will writing services and further support, it is important for advisers to know where they can turn for advice. 

What is legal estate planning?  

In simple terms, legal estate planning is the practice of drafting living wills, powers of attorney, trust administration and the creation of lifetime trusts to facilitate the transfer and management of property after a client passes away.  

Addressing these challenges during COVID-19 

In light of social distancing, it is important to recognise that legal estate planning can be formulated and reviewed remotely. In-depth discussions between all relevant parties can take place via secure video conference. Documents can also be drafted and scanned electronically, removing the need for in person signatures. 

What’s more, the current pandemic has created a market with low interest rates and a reduction in asset values. This in turn creates opportunities for inter-generational wealth transfers, far below their previous values. As a result, there is ample opportunity to get your clients’ affairs in order right now.

We can help you

According to the same research from Co-op Legal Services, advisers tend to steer clear of advising on estate planning. This is often because of a reluctance to discuss later life planning. Because of this, there is generally a lack of experience giving out this type of advice. 

Therefore, it is clear that as the level of knowledge surrounding estate planning has grown. It is clear a multi-disciplinary approach is required.  

At Stellar we pride ourselves on our holistic offering, designed to reduce your clients’ exposure to Inheritance Tax. We aim to empower advisers to deliver a wider and more all-encompassing service to their clients in the area of estate planning. 

With Stellar’s legal services – we can enhance your clients’ advice experience. We achieve this by seamlessly connecting estate planning with information and insight brought by the right partners. These partners are equipped with the latest legal technology and specialist knowledge. As a result, they are able to ensure an individual client’s legal affairs are in order, ready for inter-generational wealth transfers. 

When an adviser is ready to introduce their client to our legal partner, we will make the necessary introductions and arrange an appointment to: 

• Conduct a full review of the client’s legal circumstances
• Provide appropriate legal and estate planning recommendations

Our legal partner will usually produce all of the necessary documents within a week once an instruction has been received. Any opportunities for financial or investment advice will be automatically referred back to the adviser. 

Our experienced team is here to help

These essential services form the solid foundations for all estate and succession planning. Above all, they are critical elements to leaving a lasting legacy. 

If you are looking to strengthen and develop the estate planning element of your business, view our full range of advisory services here.

To get in contact with a friendly member of our experienced team, call us on 020 3907 6984 or email enquiries@stellar-am.com.