Legacy wealth planning is becoming increasingly significant and trusts are playing a larger role in financial planning as pensions are set to come into scope of inheritance tax (IHT) from April 2027, according to Quilter.

With the upcoming changes in mind, many clients were now reconsidering how their wealth was structured for future generations, with trusts set to play a more prominent role.

Quilter said it had seen an almost 200 per cent increase in the number of Lifestyle Trusts opened last year compared to 2023, and uptake in 2025 was already on course to “far surpass” this level.

To support advisers in meeting this increased demand, Quilter has developed a new Lifestyle Trust policy fund management tool.

The tool is designed to simplify the setup and ongoing management of Lifestyle Trusts, aiming to provide advisers and their clients with ‘peace of mind’.

It looks to provide an easy way to set up and manage policy fund entitlements for Lifestyle Trusts by automatically creating a schedule of entitlements, showing the number of policy funds accessible in each policy year.

Additionally, the tool generates a second schedule that can be incorporated into the Lifestyle Trust Deed, and keeps track of any revised entitlement dates and generate the necessary paperwork for deferrals.

Quilter also created a range of guides for each of its trusts to help advisers complete trust deeds accurately, addressing common concerns and ensuring crucial documents are completed correctly.

“The financial planning landscape is undergoing a significant shift, and with pensions set to come into scope for IHT in 2027, many advisers and their clients are reassessing wealth structures to safeguard financial legacies,” commented Quilter tax and financial planning expert, Rachael Griffin.

“The demand for trusts is increasing as clients seek efficient ways to mitigate IHT and maintain control over their financial futures.

“As more advisers and their clients reevaluate how wealth is structured for inheritance, we are pleased to be introducing new tools, videos and support materials. The Lifestyle Trust tool is the first of a series of developments coming in the next few months.

“These developments form part of our ongoing commitment to supporting informed financial planning conversations between advisers and their clients, and are complemented by Quilter’s robust technical support and helpdesk availability which will continue to be an invaluable resource in this changing landscape.”

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