89% of financial advisers in the UK agree trusts can offer advantages over a will, according to a new survey* conducted by Skandia International, part of Old Mutual Wealth. The survey also revealed that only around 22% of UK advisers’ clients hold a trust, compared to 60% that hold a will, showing clear potential for more people to benefit from holding a trust.

The advantages of trusts over wills are ranked in order, with advisers stating no probate as the top advantage, closely followed by inheritance tax and more certainty and protection as other key advantages.


advantage of a trust over a will


no probate


more inheritance tax options


more certainty and protection


use of nil rate bands every 7 years


more privacy

Probate was ranked the number one advantage of trusts over wills. Assets held within a trust sits outside of the person’s estate, so is not subject to probate, unlike those assets that fall within the estate. This has many advantages, but is most prevalent in scenarios where the proceeds from the trust can help surviving family members meet immediate financial liabilities rather than having to wait months or even years for the estate to be settled.

The 2nd highest advantage stated by advisers for trusts over wills is inheritance tax. For those advising UK clients or those with UK situated assets, inheritance tax is a key consideration, and has been stated by advisers as the number one reason for recommending trusts. As assets placed inside a trust sits outside of the person’s estate, it is potentially exempt from inheritance tax, saving a substantial 40% tax.

Advisers ranked more certainty and protection as the 3rd highest advantage for trusts over wills. With a trust, people are able to specify exactly who the beneficiaries are; this can be an absolute entitlement or a discretionary entitlement. The settlor can remain in control of the trust during their lifetime, giving them more certainty that their wishes are being met. The trust can continue long after the settlor dies, whereas a will looks to distribute assets on death. As the trust sits outside of the estate, this can also provide protection from any creditors to the estate.

Privacy was ranked the 5th highest advantage. A will is a public document, whereas a trust is a private document, which could be an important factor for some people. Anyone wanting their financial affairs and their beneficiaries to be kept strictly private may like the discretion trusts provide.


Gordon Andrews, technical marketing manager, Skandia International, comments:

“Interestingly nearly half of all UK advisers surveyed (49%) say they have used a trust instead of a will, highlighting the numerous advantages trusts can provide over wills. However, it’s not a case of one or the other, but more a case of understanding why someone could benefit from having both a will and a trust in place to help meet all their financial needs. With only around 22% of advisers’ clients holding a trust, there is a clear opportunity for more people to benefit from this aspect of financial planning.”


*The quarterly international adviser confidence barometer was conducted by Skandia International, part of Old Mutual Wealth, in Q1 2014, responses from 498 advisers from around the word, 144 UK advisers.

For more information contact

Sophie LentonOld Mutual Wealth02380 916 77007834 499 558
Amelie ShepherdOld Mutual Wealth02380 916 09107834 499 596

Notes to editors:

Quilter is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at


These materials are not an offer to sell, or a solicitation of an offer to purchase, securities in the United States. The securities to which these materials relate have not been registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities in the United States.

These materials do not constitute or form a part of any offer or solicitation or advertisement to purchase and/or subscribe for Securities in South Africa, including an offer to the public for the sale of, or subscription for, or the solicitation or advertisement of an offer to buy and/or subscribe for, shares as defined in the South African Companies Act, No. 71 of 2008 (as amended) or otherwise (the “Act”) and will not be distributed to any person in South Africa in any manner that could be construed as an offer to the public in terms of the Act. These materials do not constitute a prospectus registered and/or issued in terms of the Act. Nothing in these materials should be viewed, or construed, as “advice”, as that term is used in the South African Financial Markets Act, No. 19 of 2012, as amended, and/or Financial Advisory and Intermediary Services Act, No. 37 of 2002, as amended.

These materials are distributed in any member state of the European Economic Area which applies Directive 2003/71/EC (such Directive, together with any amendments thereto including Directive 2010/73/EU, the “Prospectus Directive”) only to those persons who are qualified investors for the purposes of the Prospectus Directive in such member state, and such other persons as these materials may be addressed to on legal grounds, and no person that is not a relevant person or qualified investor may act or rely on this document or any of its contents.

This document is being distributed to and is only directed at: (i) persons who are outside the United Kingdom; or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”); or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.