'Death anxiety impacts financial planning' - Rebecca Ward

The Time Investments business development manager said clients tended to be afraid of death and this fear can prevent them from doing the planning necessary to protect their dependents.

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To tackle this problem, Ward told advisers to adopt a "multidisciplinary approach", explaining that a mixture of different solutions for clients could help ensure they were also considering future generations.

"It's about moving money down through the generations - to the people who actually need it," she added.

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An estimated £5.5tn is expected be passed between generations in the UK over the next 30 years, Ward said, pointing to research carried out by Kings Court Trust.

'Flowing through the generations'

In light of the potential opportunity that represented, she said, advisers and solicitors should be working together to ensure money is "flowing through the generations".

Ward suggested clients should consider gifting money to their children, adding: "Making an outright gift can provide capital for home purchases, say, and offers a way of helping clients help their children while they are still alive."

Last month, Time Investments called on families to seek advice following government predictions inheritance tax (IHT) receipts would increase over the coming years.

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