Online Estate Planning Grows in Popularity
Posted on:
20
May
2011
by Huw Thomas
Britons are increasingly using the internet for advice on estate planning, according to new research from Standard Life.
The research shows that 48 percent of the public now use online sources for their estate planning requirements, overtaking IFAs who are employed by 41 percent. Solicitors remain the number one choice for estate planning with a 54 percent share of the vote, but that has dropped significantly from last year’s total of 74 percent.
The results also revealed that just over one-fifth of over-65s use the internet for estate planning. That proportion grows in the lower age brackets, with 42 percent of 55-64 year olds and 48 percent of 45-54 year olds also choosing online over traditional methods.
“On the surface the research shows that face-to-face options, such as solicitors and financial advisers, are starting to become overshadowed by the use of the internet,” said Standard Life head of estate planning Julie Hutchison. “But what the figures don’t show is whether the public is using DIY wills on the internet, or if they’re simply using the web to inform themselves before approaching a solicitor or financial adviser.
“Due to the complications and seriousness of drawing up a will or dealing with inheritance tax, any DIY option can be very risky. What the findings do show is having a presence on the internet is vitally important for solicitors and financial advisers. They need to ensure they’re not missing out on forming new client relationships and they encourage the public to turn to them to help with the complexities of will writing or inheritance tax and related financial planning advice.”
