Introduction
Ageing and the prospect of facing up to one's death is not easy.
As a subject matter and concept, it is not only hard to comprehend but it can be made more challenging by ill health or the decline of a person's mental faculties.
The costs of long-term care are climbing and this can be a time when financial pressures seem to mount.
But it can also be an enjoyable period in someone's life - perhaps they finally have the free time, having retired, to do what they want, such as spend time with family members. Or they may have enough wealth to be able to afford a comfortable retirement.
Whatever the scenario, those who have planned for what happens as they reach the end of their life are likely to be in a better position than those who have not, and a good adviser will broach this subject sooner rather than later with clients.
Henny Dovland, business development manager at Time Investments, suggests it is a "long-term, ongoing conversation among planners and their clients".
"When this type of planning is right, I think the positive impact it can have on families and the legacy someone leaves is huge," she says.
On the end of life planning 'to do' list should be writing a will, inheritance tax planning, and leaving enough wealth to pay for care into old age.
Importantly, as family relationships become more complex, these financial considerations will need to be revisited during the client's lifetimes, often several times, to account for any changes in client wishes.
Fiona Tait, technical director at Intelligent Pensions, notes: "Advisers are ideally placed to help people balance the need to meet their own expenses, including those that might arise in old age, with the desire to pass their hard-earned money to the people they want to have it as tax efficiently as possible."
This guide asks how advisers can tackle the often-sensitive subject of end-of-life with their clients.
It will also consider what clients need to know about inheritance tax and will writing, and finally, whether there is likely to be more demand from advisers for this type of planning advice.
This guide is worth an indicative 60 minutes of CPD.
Contributors to this guide: Henny Dovland, business development manager at Time Investments; Joe Roxborough, chartered financial planner at Ascot Lloyd; Helen O'Hagan, technical manager in Prudential's technical team; Scott Gallacher, chartered financial planner at Rowley Turton; Stuart Wilson, channel marketing director at more 2 life; Femi Folorunso, consultant at Mattioli Woods; Tim Bennett, head of education at Killik & Co; Fiona Tait, technical director at Intelligent Pensions; Jessica List, pensions technical specialist at Curtis Banks; Adam Hildred, financial planner at Brewin Dolphin; Mark Moran, director of intermediary sales at Golden Charter; Alistair Wilson, head of retail platform strategy at Zurich; Time Investments; Office for National Statistics.
Ellie Duncan is deputy content plus editor at FTAdviser
