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THE HOME OF THE PROFESSIONAL ADVISER Trusts me It

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THE HOME OF THE PROFESSIONAL ADVISER ... Behavioural science People are generally more motivated to take an action ... (69%) of UK adults in their 40s haven ... – PowerPoint PPT presentation

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Title: THE HOME OF THE PROFESSIONAL ADVISER Trusts me It


1
THE HOME OF THEPROFESSIONAL ADVISERTrusts me
Its straightforwardGerard Dodgson TEP, ACII,
ASFA
2
Trusts me Its 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 Its straightforward
In this world nothing can be said to be
certain, except death and taxes. Benjamin
Franklin (1706-90)
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Trusts me Its straightforward
In this world nothing can be said to be
certain, except death and taxes. Benjamin
Franklin (1706-90)
5
Trusts me Its straightforward
How can we motivate trust planning?
6
Trusts me Its 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 Its 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 Its straightforward
How can we motivate trust planning?
9
Trusts me Its straightforward
How can we motivate trust planning?
10
Trusts me Its straightforward
How can we motivate trust planning? Provides- C
ontrol Protection Flexibility
11
Trusts me Its 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 Its 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 Its 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 havent written a will, rising from
60 in 2009
Source Unbiased.co.uk and Certainty.co.uk
07/10/2013
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Trusts me Its straightforward
Why a trust? Why a will?
Source Unbiased.co.uk and Certainty.co.uk
07/10/2013
15
Trusts me Its straightforward
Life Assurance 650,000 300,000
Joint
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Trusts me Its straightforward
Life Assurance in trust? 300,
000
Joint
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Trusts me Its straightforward
Life Assurance
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Trusts me Its straightforward
Life Assurance
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Trusts me Its straightforward
Life Assurance Did we get it right?
20
Trusts me Its straightforward
Life Assurance How to choose which trust is best
for your client?
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Trusts me Its straightforward
Life Assurance in Trust? Which Trust?
Joint
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Trusts me Its 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 deceaseds estate



23
Trusts me Its straightforward
Life Assurance What do you want the trust to
do?
Joint
Loans
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Trusts me Its straightforward
Life Assurance What do you want the trust to
do?
Repays
Estate
25
Trusts me Its straightforward
Life Assurance Did we get it right?
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Trusts me Its straightforward
Life Assurance Who should be the Trustees?
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Trusts me Its straightforward
Life Assurance Who should be the
Guardian? Guardians Allowance is paid at the
rate of 15.90 each week for each qualifying
child
28
Trusts me Its straightforward
Life Assurance Did we get it right?
29
Trusts me Its straightforward
Life Assurance Which life policies should be in
trust?
30
Trusts me Its straightforward
Life Assurance Which life policies should be in
trust?
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Trusts me Its straightforward

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Trusts me Its 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 Its straightforward
Life AssuranceUsing life policies held under
trust To alleviate concerns over the marriage
or divorce of a beneficiary.
34
Trusts me Its straightforward
Life AssuranceUsing life policies held under
trust Where intended beneficiaries are too
young to receive a lump sum.
35
Trusts me Its 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 Its straightforward
Life AssuranceUsing life policies held under
trust To protect against the future
bankruptcy of a beneficiary.
37
Trusts me Its straightforward
Life Assurance Did we get it right?
38
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39
Trusts me Its straightforward
40
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

41
Handset Questions
  • 2. What percentage of your business is currently
    written under trust?
  •  
  • 1. 0
  • 2. 1-30
  • 3. 31-60
  • 4. 60

42
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

43
This information has not been approved for use
with customers and is based on Avivas
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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