Advisers favour wills over trusts – survey

A survey of 498 advisers conducted by Skandia International found 60 per cent of advisers have clients who hold wills, but just 22 per cent have clients with trusts.

The research also picked up on a strong inclination to use trusts in the future, as 89 per cent of advisers accept they have advantages over a will.

Trusts have no probate and more inheritance tax options, and advisers who use them said they offer “better certainty and protection” for clients.

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Gordon Andrews, technical marketing manager at Skandia International, said that advisers did not necessarily have to choose between the two and should understand why clients might need both to “meet all their financial needs”.

Equity Advice recently launched the Later Life Academy to encourage advisers to take a more holistic and comprehensive approach when dealing with older clients. It includes a foundation course covering trusts and wills.

Adviser view

Simon Little, managing director of Cambridgeshire-based Autumn Life Retirement Services, said the Academy course would “undoubtedly add great value” to a sector in need of practical solutions.


Advantage of a trust over a will


No probate


More inheritance tax options


More certainty and protection


Use of nil rate bands every 7 years


More privacy

Source: Skandia International