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THE HOME OF THE PROFESSIONAL ADVISER Trusts me It’s straightforward Gerard Dodgson TEP, ACII, ASFA

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?

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THE HOME OF THE PROFESSIONAL ADVISER Trusts me It’s straightforward Gerard Dodgson TEP, ACII, ASFA

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  1. THE HOME OF THEPROFESSIONAL ADVISERTrusts me It’s straightforwardGerard Dodgson TEP, ACII, ASFA

  2. 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?

  3. Trusts me It’s straightforward ‘In this world nothing can be said to be certain, except death and taxes.’ Benjamin Franklin (1706-90)

  4. Trusts me It’s straightforward ‘In this world nothing can be said to be certain, except death and taxes.’ Benjamin Franklin (1706-90)

  5. Trusts me It’s straightforward How can we motivate trust planning?

  6. 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

  7. 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

  8. Trusts me It’s straightforward How can we motivate trust planning?

  9. Trusts me It’s straightforward How can we motivate trust planning?

  10. Trusts me It’s straightforward How can we motivate trust planning? Provides:- Control Protection Flexibility

  11. 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

  12. 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

  13. 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

  14. Trusts me It’s straightforward Why a trust? Why a will? Source: Unbiased.co.uk and Certainty.co.uk 07/10/2013

  15. Trusts me It’s straightforward Life Assurance £650,000 £300,000 Joint

  16. Trusts me It’s straightforward Life Assurance in trust? £300,000 Joint

  17. Trusts me It’s straightforward Life Assurance

  18. Trusts me It’s straightforward Life Assurance

  19. Trusts me It’s straightforward Life Assurance Did we get it right?

  20. Trusts me It’s straightforward Life Assurance How to choose which trust is best for your client?

  21. Trusts me It’s straightforward Life Assurance in Trust? Which Trust? Joint

  22. Trusts me It’s straightforward Life Assurance What do you want the trust to do? Joint 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 £ £ £

  23. Trusts me It’s straightforward Life Assurance What do you want the trust to do? Joint Loans

  24. Trusts me It’s straightforward Life Assurance What do you want the trust to do? Repays Estate

  25. Trusts me It’s straightforward Life Assurance Did we get it right?

  26. Trusts me It’s straightforward Life Assurance Who should be the Trustees?

  27. 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

  28. Trusts me It’s straightforward Life Assurance Did we get it right?

  29. Trusts me It’s straightforward Life Assurance Which life policies should be in trust?

  30. Trusts me It’s straightforward Life Assurance Which life policies should be in trust?

  31. Trusts me It’s straightforward

  32. Trusts me It’s straightforward Life AssuranceUsing 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.

  33. Trusts me It’s straightforward Life AssuranceUsing life policies held under trust To alleviate concerns over the marriage or divorce of a beneficiary.

  34. Trusts me It’s straightforward Life AssuranceUsing life policies held under trust Where intended beneficiaries are too young to receive a lump sum.

  35. Trusts me It’s straightforward Life AssuranceUsing life policies held under trust To protect the interest of a vulnerable beneficiary, or one who is mentally incapable or has special need.

  36. Trusts me It’s straightforward Life AssuranceUsing life policies held under trust To protect against the future bankruptcy of a beneficiary.

  37. Trusts me It’s straightforward Life Assurance Did we get it right?

  38. Trusts me It’s straightforward

  39. Handset Questions 1.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

  40. Handset Questions 2. What percentage of your business is currently written under trust? 1. 0% 2. 1-30% 3. 31-60% 4. 60% +

  41. 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

  42. 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. Aviva Life and Pensions UK Limited. Registered in England No 3253947. 2 Rougier Street York, YO90 1UU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Firm Reference Number 185896. www.aviva.co.uk

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