Although clients can understand the benefits of trust planning once it is explained to them, Grant admits that the complexity of the required forms and the perceived hassle of dealing with HMRC's online Trust Registration Service can be "discouraging".
However, he urges advisers to help clients overcome these obstacles.
"Simplified trust planning, such as writing a life insurance policy in trust, can significantly impact estate planning. It helps avoid probate delays, ensuring that funds are promptly available to cover immediate expenses at a time when other assets may be inaccessible.
"This strategy underscores the importance of professional guidance in navigating the intricacies of financial planning to secure a client's financial future efficiently.”
"When you tell people they can get the money more quickly through trust than if they don't put it into a trust, they can understand that. It depends on how you word it", says Knowles.
Their comments are matched by Hughes of the PDG, who says: "It all comes down to the language used when speaking with clients.
"Keep it simple, succinct, and use vocabulary the client will understand."
Intergenerational wealth management
Putting aside the obvious question of how to protect the people bringing in the big bucks, and the less obvious question of whether a life insurance policy has been put into trust, how is protection featuring in overall conversations about intergenerational wealth planning?
"Last December, I had someone wanting income protection for their child, almost as a Christmas present for them, which I thought was brilliantly sensible", says Knowles.
She also points to the use of gift inter vivos policies, an example of which is in the boxout, below.
These relate to an insurance policy used to cover the IHT liability that can arise when an individual makes a gift to another person while they are alive and, absent of any other exemption, potentially liable to IHT for the next seven years.
She adds: "I wouldn't say lots of advisers are bringing protection into intergenerational planning, though - it does not always seem like a clear need for it with wealthier clients.
"But you have to ask whether those beautiful investment and pensions plans will crumble if the client is no longer able to work."
Hughes says it is important to educate wealth advisers as to where protection opportunities could come from, within their own client banks.
Key life moments should be highlighted in a review, such as receiving an inheritance, having a child, getting married (or divorced), moving home, buying properties abroad, or changing jobs.
Suppose a wealth advisers' clients are older, where family fortunes have already been created and, besides IHT related cover, typically minimal protection is required?
