Introduction to A Consultant’s Guide

Effective estate planning is fundamentally about enabling “stress-free, effective succession management” for clients. As consultants or professional Will writers, our primary duty is to acquire and apply knowledge to advise clients comprehensively.

This series of articles moves beyond mere document drafting to explore the breadth of a responsible planning practice. The scope of modern estate planning must encompass Wills, Powers of Attorney, and Trusts, rather than narrowly focusing solely on Wills.

The Role of the Consultant

The consulting role requires a proactive approach; you must apprise clients of every available option necessary to accommodate their wishes and circumstances. This knowledge is critical because clients often approach the business “blind as to what is available”.

By providing clear, comprehensive advice, consultants ensure their clients achieve vital goals, including:

• Controlling Asset Distribution: Ensuring money, property, and possessions are distributed precisely as desired, thereby avoiding the rigid and potentially undesirable consequences of the rules of intestacy.
• Protecting Dependants: Making necessary arrangements for minor children by appointing appropriate Guardians, and providing financial security for unmarried partners, who otherwise cannot inherit.
• Tax Efficiency: Taking necessary advice in advance to potentially reduce the amount of Inheritance Tax payable on the estate.
• Preventing Mismanagement: Implementing tools, such as Trusts, to guard against assets being squandered by beneficiaries, claimed in divorce settlements, or inappropriately depleted by care home fees or creditors.

Commitment to Excellence

This guidance is designed to serve both the regulated and unregulated sectors of the profession, promoting competence, efficiency, and honesty. By deepening your understanding of complex topics—from looking at Inheritance Tax, Business Property Relief, and Trusts to avoiding common mistakes like failing to account for altered circumstances (e.g., marriage or divorce)—you can drastically reduce the risk of future legal costs and disputes that diminish the value of a client’s estate.

Ultimately, acquiring profound knowledge is paramount to successfully navigating the intricacies of estate planning, ensuring you remain vigilant against being persuaded to recommend unnecessary products or failing to advise on what the client truly needs.