Generally, relatively few high net-worth clients receive adequate advice on the protection and inter-generational tax planning of their estates, be it pensions, Death in Service (DIS) benefits, life cover, property assets, savings and investments or lifetime inter-generational transfers, it is up to you to rectify this with your own clients and make sure they are as prepared and informed as possible.

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Integrated financial planning and effective legal planning are essential in delivering guaranteed outcomes for the distribution and protection of your clients’ estates. If they do not have a Will, they may be unaware of the complexities and misdirection of wealth that can occur under intestacy rules. If your clients, like so many couples, have simple Wills directing their estate to each other and then to their chosen Beneficiaries in equal shares, they should achieve their desired distribution, but they may be missing an opportunity to protect the surviving partner’s interests. Importantly, they also may be missing key tax planning opportunities which are overlooked in most higher value estates, and they will not provide inter-generational benefits to their chosen Beneficiaries.

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The unpredictability of life requires us to be prepared but you ought to take action now to address the shortfalls of the most common estate planning arrangements of your clients, particularly the taxation considerations which require bespoke planning. On the death of the first of your clients, protective and tax efficient planning can be put in place and similarly protection, flexibility and inter-generational tax planning can be delivered to the ultimate Beneficiaries of their estate when both of your clients have deceased.