Managing clients’ estate planning needs in a post-Budget world
Scarlett Musson, Business Development Director, APS Legal & Associates
The recent SImplybiz member survey showed that October’ s Budget had significantly increased the amount of conversations with clients about estate planning.
Alongside this, Christmas and the New Year often the Christmas and New Year break brings changes for families – whether positive or negative. Whatever this change may be; marriage, divorce, losing a family member, or gaining a new one, if considerations need to be made through will writing and lasting powers of attorney, now could be the perfect time to assess what you can offer to your clients.
Media coverage and consumer awareness around later life planning seems to be at an all-time high, and advisers have told us that LPAs and wills are being raised by clients more often than ever before.
As a quick reminder, there are a few ways to support your clients and the next generation of their family through estate planning:
Lasting Powers of Attorney
Last year’ s Budget made conversations with clients about their plans for their future, and that of the next generation of their family, more important than ever before. Have you been having conversations with clients around their future planning, family dynamics, and- potentially-what may happen for the next generation in their family in relation legacies and gifts?
There are two types of LPAs, both of which can help to build relationship between you and the attorneys, whether this be the spouse or the children. There is also specific wording in the Lasting Powers of Attorney that can indicate the adviser the client has been working with and suggest that the attorneys carry on that relationship for support. This is something that is rarely used and could hold a substantial benefit as an adviser.
By completing these with your clients, you are maintaining control if they lose capacity, if this isn’ t in place, not only will
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