Two leading solicitors have warned about marketing flyers that advertise the work of unregulated Trust and Will advisers. The lawyers advise that these adverts often targeting elderly people, especially the wealthy ones in rural areas should be approached with caution.
More of these ‘professionals’ have been attending recent regional events and have been organising their own sales and marketing activities.People should be careful before signing up with these so-called advisors according to a senior solicitor with Wilkin Chapman’s estates, tax and trusts department, Lucy Butterfint.
Lucy even talks of a couple who paid hundreds of pounds they didn’t have to. The couple in Lincolnshire had been approached about putting their house into Trust at a £2,000 cost. Luckily, the couple consulted Wilkin Chapman’s estates and trusts department which found no information about the couple’s income was required by these advisors.
After a proper assessment, Lucy and her team found that even if the couple had signed up for putting their house into a Trust, they would still be required to pay any care for it privately. There was also a high chance of a deprivation of capital considering the couple was 80-years-old.
According to the senior solicitor, these unregulated advisors and companies target areas with the affluent or towns popular with old people, where they drop leaflets are hold events. You might find yourself paying between £3,000 to £5,000 to set up trusts, the money you don’t have to pay.
Lucy feels it is unfortunate that anyone can claim they have the expertise of legal adviser and write a Will or Sell a Trust package without any qualifications. The solicitors in Lancashire advise that while one should plan for their future, they should be careful of these unregulated advisors since they will end up with much less in the long run.
Another solicitor, a partner with the Louth-based BG Solicitors, Miriam Barber repeated Lucy’s warning and told people to be vigilant.According to Miriam, people are obviously keen about saving money and leaving their kids with their assets. This is what makes them vulnerable to the unregulated advisors. They attend these seminars in large numbers and rush to pay fees for services they don’t always understand.
She added that these companies that offer very misleading ‘assistance’ is not regulated by the Solicitors’ Regulation Authority.Miriam warns of the deals that seem good to be true where people are lured into a plan of setting up a Family Trust since they have the impression that they will never pay care home expenses, which is definitely not true.
These solicitors in Lancashire say that it is unfortunate that most people don’t find out about the bad plan early enough and they end up paying thousands of pounds on trusts that are useless. Miriam of BG Solicitors talks of worst scenarios of people she has witnessed lose money and title deeds to their property to companies that end up going into administration after people handed over their title deeds during deals.
You should seek tailored legal advice from qualified solicitors in Lancashire always instead of these ‘professionals’. This way you are guaranteed of regulated legal advice and a favourable outcome.