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In the legal services sector, certain aspects have traditionally been seen as taboo or unclear. However, the media coverage and public perception around later life planning are now more prevalent than ever. As a result, clients are increasingly asking about Wills and Lasting Powers of Attorney (LPAs) rather than waiting for advisers to bring it up. Whilst our industry faces the challenges of building relationships with the next generation, proactive planning presents a valuable opportunity to bridge this gap.

Lasting Powers of Attorney (LPAs)

There are two types of LPAs, both of which can help foster relationships between advisers, clients, and their appointed attorneys, whether they are spouses or children. Specific wording in the LPAs can indicate the adviser the client has been working with, and suggest that the attorneys continue that relationship for support. Completing LPAs with your clients ensures that you maintain control if they lose capacity. Without an LPA in place, not only will assets be frozen, causing distress for the family, but the adviser may also lose control of the relationship.

A common misconception is that LPAs are only for the elderly, with comments like:

“I don’t need one at my age”

“There is no risk yet of me getting dementia”

This is completely incorrect—LPAs are for everyone! Clients entering drawdown, completing pension transfers, considering equity release, or managing discretionary funds: these are just a few of the areas which require this planning in place. Incapacity can strike anyone, whether through a night-out incident or a car accident on the way home. If a young person receives a lump sum compensation, who will manage it without an LPA? Potentially, social services.

Did you know that without a Property & Financial Affairs LPA, even joint assets can be frozen? Or that in the event of a life-threatening situation, family members might not be able to act on health queries? Hard to believe, but true. Without an LPA, a spouse or children could be left in a vulnerable position, needing to apply for deputyship - a long, unpredictable process costing around £3,000, with no guarantee of control being granted to the family. Social services could even take over. While this may sound dark, educating clients in this area is crucial.

Probate Services

Advisers can successfully maintain relationships with the next generation and retain client capital by being involved during the probate stage. We have over 250 probate associates, mostly advisers, who provide access to executors, beneficiaries, and trustees. By offering support at this stage, you remain at the forefront of the next generation’s minds when it comes time to reinvest the capital. While this won't apply to every client, it puts you in the best position to build financial services relationships with the next generation.

Our proposition within APS Legal & Associates ensures that we handle all estate administration in-house, with the adviser as the client contact, providing a high level of service.

Document Storage

We recommend clients use a professional storage facility for their important documents. We've seen the devastation caused when a valid will is made invalid due to damage or being misplaced. This means being involved at the will stage too. With APS’s storage process, when the client passes away, the executor must contact us to access the will. This provides an opportunity for the adviser to be notified and take immediate action, positioning you as the first to offer support.

Will Writing

With over 500 Associates, we highlight the importance of being involved in completing your client’s will. This not only fulfills a duty of care and provides satisfaction for the client, but also ensures that you maintain a strong relationship with them. Engaging in more emotive and in-depth conversations about their personal affairs helps ensure that you are involved at the probate stage as well.

What’s the Solution?

Several options are available to protect your clients from these risks:

• Refer Clients

Referrers can arrange for their clients’ estate planning to be handled by companies like APS, without becoming directly involved in the process. You would simply provide the client’s name and postcode, and we would allocate the closest Associate (an estate planning specialist, not an adviser) to contact the client within 48 hours to arrange a face-to-face or virtual meeting. Upon case completion, a referral fee is paid to you. This approach requires no training or costs and helps maintain a relationship with a reputable company to meet your clients’ needs.

APS, part of the Fintel Group, offers nearly 20 years of experience, providing a solid foundation and security for due diligence purposes.

• Choose an Associate

Route With APS, you have full control of advising your clients on all aspects of Wills, LPAs, and Trusts. Our comprehensive training package equips our associates with the skills and confidence to deliver first-rate service, supported by associate helplines, ongoing face-to-face courses, bi-weekly webinars, and an online hub. You would meet the client as usual, advise them on their situation, and take instructions; we draft all documents in-house, covered by our PI insurance.

Enhanced client relationships and an additional income stream are significant benefits of the Full Associate route. Being involved during the probate stage allows advisers to support the next generation of clients and secure future financial services business. The Full Associate route is open not only to advisers but also to other colleagues within your business. Training for this takes three days, culminating in the IPW-recognized examination. Probate services can be added at any time. The Institute of Professional Will Writers (IPW) has a code of practice recognized by the Trading Standards Institute, offering value and security in an otherwise unregulated environment. Fees for the course are competitive and can be discussed with the APS team.

Client education in these areas is vital, and it’s essential to highlight the risks of not completing their planning.

Get in touch

aps-legal.co.uk
01909 531751
s.musson@aps-legal.co.uk