UK: Norwich Union makes estate planning easier
UK: Norwich Union makes estate planning easier
Norwich Union, soon to be Aviva, is launching a campaign to make estate planning simpler for financial advisers and customers.
Norwich Union and Norwich Union International are launching a new discretionary trust proposition, a series of estate and inheritance tax (IHT) planning guides and a simplified application process.
The changes mean:
* Existing “flexible” trusts replaced by discretionary trusts
* Discretionary trusts can accept multiple asset types, including collective investments and cash (except the Discretionary Discounted Gift Trust)
* Extensive marketing support including a customer guide to IHT planning
* An IFA reference guide to trusts and estate planning
* New simplified deeds and applications to help make creating IHT-effective trusts easier and quicker.
Nicholas Burton, marketing manager at Norwich Union, said: “Primary research conducted by Norwich Union shows that many advisers find the complexities of estate and trust planning act as a barrier to advising customers - and the complexity puts customers off taking the necessary steps to protect their wealth. Norwich Union is offering a simple solution for advisers and their customers.
“Effective trusts and estate planning do not need to be complicated and there are simple ways for advisers to help customers save tax and leave more money to their loved ones. Inheritance tax continues to affect thousands of people every year but with some simple planning there is a great deal that advisers can do to reduce their clients’ IHT liability.”
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