Mortality is a great leveller. It is a universal certainty that we will all pass at some future date and pretty much, that none of us wants that day to arrive.
However, we tend to live in family groups and a certain amount of planning is required if we are to leave our affairs in good order before we exit, like Hamlet, this mortal coil.
Which is why the statistic, that more than 70% of us die intestate is disturbing.
Making a Will is such a simple process, and even if supported by a professional can be completed at less than the price of a weekend break. And then there is the consideration of Inheritance Tax planning, which is, in some respects, directly linked to the way in which our assets are to be distributed on our death, and in the seven years leading to our death.
It would be interesting to poll the client lists of professional advisors on these issues to see if this 70% figure is realistic? Surely, this is an area ripe for action. Even if the statistics are reversed and only 30% of clients are without effective end of life planning, then a mail out offering an IHT review (including a review of Wills) would meet with grudging approval of those affected?
IHT planning is not a once in a lifetime event. To be effective, periodic updates to cope with changing legislation and family circumstances should be undertaken, and so this type of service could quickly meet the holy grail of tax advisors and become a recurring income stream for the firm.