Ms Sakellaris said that investment bonds can be an extremely helpful tool from an estate planning perspective as they generally do not fall under the family law provisions.

“Where you have an investment bond, you can list your beneficiaries to that bond and it can’t be challenged,” she said.

“Where there are wealthier clients involved, there can often be litigation or at least litigation around the distribution of assets after death. However, investment bonds pass directly through to beneficiaries so it cannot be challenged.”

This can be useful where there is a complex family structure involved, she said.

She also explained that investment bonds can be quite tax effective as the tax is paid in the bond or within the fund.

“As long as you hold it for a 10 year period, it won’t appear on your tax return."

As investors can purchase investment bonds for different purchases, Ms Sakellaris said this also helps provide some control of where their assets go from an estate planning perspective.

“Education bonds, for example, can be very helpful from a financial planning point of view where clients want to fund education for their grandchildren and  want to ensure that those funds go toward education as opposed to being used for other purposes,” she explained.