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IFAs must deal with inheritance

I cannot believe the comment I read in Money Marketing (January 31) which was attributed to Philip Rose in the news item “ScotEq criticises IFAs over trust plans”.

If it is not the responsibility of every financial adviser – whatever they are called – to take into account the passing of money and the question of inheritance, what is our job?

The most important job of any adviser is to ensure that funds are available in the right hands at the right time – i.e. when someone dies, retires, or is incapable of earning an income through ill health.

How can the managing director of a major IFA say that it is not his, and by substitution the responsibility of his staff, to ensure that this happens.

Does he believe that it is immaterial who receives the money or that the Inland Revenue receives money that should go to heirs?

I have believed for some years that one day I will have the unenviable job of representing a widow whose husband bought lots of life assurance from a well-meaning but uneducated IFA – who then saw that money go to her children and the Revenue because the “adviser” did not care about the “passing of money and the question of inheritance”.

I have the pleasure of being both an IFA and a solicitor and believe that ensuring the funds arrive in the correct hands with the minimum of fuss is exactly our job.

Simon Shaffer

Stock Fraser Cukier,Edgware, Middlesex

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