It amazes me how many opportunities clients have in life to write their wills, however most of the UK population still die intestate.
Wills – Why they are so important?
The benefits of your client making a will are:
- It can help to reduce inheritance tax (where applicable)
- Enables clients to pass on their property (estate) to who they want, rather than the law deciding who gets what
- Helps grieving families cope at the most stressful time of their lives
- Reduces the possibility of family squabbles and lengthy court battles over possessions
The best time to make a will
IFAs and mortgage advisers are in the best position there is to help their clients make a will. I would go as far as saying it should be your moral duty to encourage your clients to make a will as soon as possible. Your client is purchasing a new home is the best opportunity for them to make a will and you can help them. You are the professional that your client trusts, you can help them by referring them to a legal professional, who in turn can send business your way or even share the proceeds with you from the referral.
Mutual benefits all around
Helping your clients make their wills brings mutual benefits to the client and you the professional. You benefit from increased revenue (we have some sole-trader professionals earning over £60,000 from adding wills to their existing services), and the client benefits from the four reasons mentioned above.
Professionals everywhere, please help your clients by jogging their memory to make a will. It’s the most important document they will ever sign and their spouses and children will thank you for it.
