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  • Woodgate FP

When You Wrote Your Will, Did You Make Sure it Dovetails with your Financial Plan?

The essence of a Financial Plan is to manage your family's future, but research states that most people are ignoring their Plan in their Will. Here's why you should make sure your Financial Plan is taken into account when you speak to your Solicitor.

A Financial Plan looks at your goals and gives practical advice for your future, in order to manage and grow your wealth. It takes into account your finances, debt, investments, trusts, wills and inheritance in order to provide you with the best course of action, both for you and your family, now and in the future.

Your Will determines what happens to these assets in the event of your death, so it would be natural to assume that your Will would consider your Financial Plan. Yet less than one in ten advisers (8%) said all of their advice is taken on board in the will, with one in twenty admitting that none of their advice is included. So why is financial advice not crossing the threshold when people consider creating a Will?

Neil Jones, a tax and wealth specialist with Canada Life, said there remains a disconnect between solicitors, accountants and advisers when it comes to estate planning.

He said: “Unfortunately, it’s often the advisers’ work that is left out in the cold and this could be to the detriment of the beneficiaries. Obviously questions around trusts, gifting and annual tax-free allowances are areas where anyone writing a Will should be listening to the financial experts.

"The problems don’t even need to be that complex to need an adviser. Usually the adviser simply has a better grasp than anyone else of where the assets are, their tax status and the impact of any gifting."

At Woodgate Financial Planning, our Planners meet with their clients at least once a year, and gain a deep understanding of what is truly important to them as well as having a detailed picture of their financial position. When it’s time to create or update a Will, we refer to our associated business, Moss Solicitors. Our Client's Financial Planner ensures that their Solicitor has an appreciation of the client’s position, even before they have met.

Conversely, where an individual has approached us to help write their Will, their Solicitor will suggest bringing in a Financial Planner to the conversation if needed, in order to ensure that the client gets the best advice possible.

It’s this joined up service that makes Woodgate Financial Planning unique when working to deliver the best outcome for our clients, with a breadth of specialist expertise in the areas of legacy planning, tax, law, investments, pensions and insurance. Many of our clients already enjoy the benefits of this approach, and can be confident that their Financial Plan dovetails with their Will to ensure that their wishes are carried out, that they pay the least tax, and that their family are protected.

Why not give us a call today to see how we can help you to do the same?



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