the home of the professional adviser trusts me it’s straightforward gerard dodgson tep, acii, asfa
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THE HOME OF THE PROFESSIONAL ADVISER Trusts me It’s straightforward Gerard Dodgson TEP, ACII, ASFA. Trusts me It’s straightforward. Learning Outcomes How can we motivate trust planning? Why a trust? How to choose which trust is best for your client? Who should be the Trustees? - PowerPoint PPT PresentationTRANSCRIPT
THE HOME OF THE
PROFESSIONAL ADVISER
Trusts me It’s straightforward
Gerard Dodgson TEP, ACII, ASFA
Trusts me It’s straightforward
Learning Outcomes
How can we motivate trust planning?
Why a trust?
How to choose which trust is best for your client?
Who should be the Trustees?
Who should be the Guardian?
Trusts me It’s straightforward
‘In this world nothing can be said to be certain, except death and taxes.’
Benjamin Franklin (1706-90)
Trusts me It’s straightforward
‘In this world nothing can be said to be certain, except death and taxes.’
Benjamin Franklin (1706-90)
How can we motivate trust planning?
Trusts me It’s straightforward
How can we motivate trust planning?
Principles for Business
Principle 6: A firm must pay due regard to the interests of its customers and treat them fairly
TCF
Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly
Trusts me It’s straightforward
How can we motivate trust planning?
What is good practice?
By following good practice you can uphold industry standards, enhance your own reputation and ensure customers get a fair deal.
Here are some examples of good practice:
•treat customers fairly•explain your products and services clearly so customers understand what is available and the charges they might need to pay•ensure your advertising is clear and not misleading•respond to complaints appropriately
Trusts me It’s straightforward
How can we motivate trust planning?
Trusts me It’s straightforward
How can we motivate trust planning?
Trusts me It’s straightforward
How can we motivate trust planning?
Provides:-
Control
Protection
Flexibility
Trusts me It’s straightforward
How can we motivate trust planning?
Behavioural science
People are generally more motivated to take an action to avoid a loss than to take the same action that will result in a gain
Trusts me It’s straightforward
How can we motivate trust planning?
Broadly trusts can fall into two main types:-
Interest in possession – Bare, Vulnerable & IPDI;
Discretionary – DGT, Survivor
Trusts me It’s straightforward
Why a trust? Why a will?
29.3 million of the UK adult population (58%) currently have no will
More than two thirds (69%) of UK adults in their 40s haven’t written a
will, rising from 60% in 2009
Source: Unbiased.co.uk and Certainty.co.uk 07/10/2013
Trusts me It’s straightforward
Why a trust? Why a will?
Source: Unbiased.co.uk and Certainty.co.uk 07/10/2013
Trusts me It’s straightforward
Life Assurance
£650,000 £300,000
Trusts me It’s straightforward
Life Assurance in trust?
£300,000
Trusts me It’s straightforward
Life Assurance
Trusts me It’s straightforward
Life Assurance
Trusts me It’s straightforward
Life Assurance
Did we get it right?
Trusts me It’s straightforward
Life Assurance
How to choose which trust is best foryour client?
Trusts me It’s straightforward
Life Assurance in Trust?
Which Trust?
Trusts me It’s straightforward
Life Assurance
What do you want the trust to do?£
££
If the surviving partner dies with 31 days, the trustees will hold the proceeds for the beneficiaries,the capital does not form part of the deceased’s estate
Trusts me It’s straightforward
Life Assurance
What do you want the trust to do?
Trusts me It’s straightforward
Life Assurance
What do you want the trust to do?
Estate
Trusts me It’s straightforward
Life Assurance
Did we get it right?
Trusts me It’s straightforward
Life Assurance
Who should be the Trustees?
Trusts me It’s straightforward
Life Assurance
Who should be the Guardian?
Guardian’s Allowance is paid at the rate of £15.90 each week for each qualifying child
Trusts me It’s straightforward
Life Assurance
Did we get it right?
Trusts me It’s straightforward
Life Assurance
Which life policies should be in trust?
Trusts me It’s straightforward
Life Assurance
Which life policies should be in trust?
Trusts me It’s straightforward
Trusts me It’s straightforward
Life Assurance
Using life policies held under trust
Where a client has had children from a previous marriage, they may wish to provide for the needs of their current spouse, whilst also protecting the interest of those children.
Trusts me It’s straightforward
Life Assurance
Using life policies held under trust
To alleviate concerns over the marriage or divorce of a beneficiary.
Trusts me It’s straightforward
Life Assurance
Using life policies held under trust
Where intended beneficiaries are too young to receive a lump sum.
Trusts me It’s straightforward
Life Assurance
Using life policies held under trust
To protect the interest of a vulnerable beneficiary, or one who is mentally incapable or has special need.
Trusts me It’s straightforward
Life Assurance
Using life policies held under trust
To protect against the future bankruptcy of a beneficiary.
Trusts me It’s straightforward
Life Assurance
Did we get it right?
Trusts me It’s straightforward
Trusts me It’s straightforward
Handset Questions1.Given all you have seen today on behavioural science, what if any further action will you take?
1 Visit A4A New Thinking Site
2 Visit A4A brilliant business ideas
3 Speak to my consultant
4 All of the above
5 None
Handset Questions
2. What percentage of your business is currently written under trust?
1. 0%
2. 1-30%
3. 31-60%
4. 60% +
Handset Questions
3. What if any impact do CI claims figures have on your recommendation?
1.None
2. Some
3. Always
4. It is just one factor which I take into account
This information has not been approved for use with customers and is based on Aviva’s interpretation of current law and legislation, and our understanding of HM Revenue & Customs (HMRC) practice as at May 2014. It is provided for general information purposes only and should not be relied upon in place of legal or other professional advice. Both the law and HMRC practice will change from time to time and our interpretation may be subject to challenge by HMRC or other regulatory body. Aviva cannot act as legal adviser for you or your clients. You should always seek appropriate legal or other professional advice.
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