HSBC Life (UK) has unveiled new estate planning tools and resources to help advisers support clients through the estate planning process.
The financial services group said that while many advisers believe a significant number of clients would benefit from estate planning, 38% of clients have yet to take any action.
Furthermore, less than half (47%) have taken steps to reduce or plan for inheritance tax, despite HMRC figures showing £2.2 billion was paid in April to June this year, up £0.1 billion on the same period last year.
The new resources include a dedicated section on its website and a new 45-page manual on estate planning, covering issues including wills and estate planning, intestacy, an overview of IHT, lifetime trusts, life assurance, estate planning products and offers a range of tools and resources.
Mark Lambert, head of onshore bond distribution at HSBC Life (UK), said: “Helping clients with estate planning is a vital component of the advice process and has been under more focus following the introduction of the Consumer Duty.
“Advisers are seeing increasing demand for support from clients and demand is likely to continue to grow in line with IHT receipts. We are focussed on helping advisers to deliver good outcomes for clients and the new estate planning adviser resources and planning manual are part of that ongoing commitment.”
HSBC Life UK said products which can support estate planning include onshore investment bonds. Using an onshore investment bond as a trust investment can deliver attractive tax deferment and tax management alongside the tax benefits the onshore bond wrapper already offers, the firm said.
