Brits turn to the net for estate planning

Britons are turning towards the internet for advice on estate planning, according to research by Standard Life.

Nearly half (48%) of Britons are now using the internet to plan and research their estate planning requirements, overtaking financial advisers (41%) as a source of guidance. Solicitors are still out in front with 54% of the public turning to them for estate planning but this figure has significantly dropped in the last year, down from 74%.

The findings show ‘Silver Surfers' are using the internet for their estate planning requirements, with more than a fifth (22%) of the 65+ age group choosing to use it over more traditional methods, as do 48% of 45 - 54 year olds and 42% of the 55 - 64 age bracket.

Just under two-fifths (38%) of Brits will turn to a bank for estate planning, with almost a third (31%) using magazines and newspapers, a quarter (26%) use an accountant with one in ten (10%) believing they don't need help with estate planning. Men are more likely to be drawn to the internet to do their research on estate planning with more than half (51%) turning to their computers, compared with 46% of females.

Julie Hutchison, head of estate planning at Standard Life, said: "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. 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."

Regionally the North of England is the most likely to turn to the internet for estate planning advice (56%), followed by the Midlands (50%), Scotland (48%), the South East (46%) and Wales & South West England (40%) the least likely.

For more information on estate planning, visit standardlife.co.uk/will.