NU overhauls estate planning range

Norwich Union is to replace its flexible trust options for inheritance tax (IHT) planning with new discretionary trusts.

As part of a drive into the IHT market, NU will also publish a series of estate planning guides, as well as changing its application process.

Discretionary trusts will improve on the flexible trust offering by being able to accept multiple asset types, including collective investments and cash, according to NU.

A revised application system will also make it easier and quicker for advisers to create IHT-effective trusts, the group adds.

"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, says Nicholas Burton, marketing manager at NU.

"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."

NU will also provide new marketing support materials for advisers, including customer focused guides to IHT planning. In addition, IFA reference materials will also be published to help advisers better understand this complex area of taxation.

Contact: John Bakie, Tel: 020 7484 9805, e-mail: John.Bakie@incisivemedia.com