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Beware elephant traps

Even with the government abolishing the pension's inheritance tax, there are still plenty of potential pitfalls advisers must be wary of

24 October 2014

As professional advisers we aim to deal with all of the 'life stages' of our clients and so naturally enough, this also includes death and bereavement - one of the hardest parts of the job.

However as well as being hard, it is typically a time when financial affairs are most in flux and when our advice can be of most value and real importance to a family. The other side of that coin however, is that it's a time where an unexpected elephant trap can lie in wait for the unwary or inexperienced.

I recently encountered one of these potential elephant traps when a client let me know that her husband had passed away. The husband had generally dealt with his own affairs, in particular his quite large self-invested pension which was in drawdown.

My client understood that the pension made up a large part of her late husband's wealth, and so was concerned when the pension company tol...

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