Deborah Abbott of Holmes & Hills Solicitors has been approached by concerned customers of the former Universal Wealth Management company and other similar Trust creation companies following recent news coverage of potential fraud on the part of Universal Wealth Management.
Holmes & Hills Solicitors can provide guidance on what to do if you are worried about the advice you have received and the Trust arrangements that you have put in place with Universal Wealth Management or another company.
You can call 01376 30456 today to get initial guidance on your options from specialist lawyer, Deborah Abbott.
In recent years many people have made Wills and set up Trusts with the best intentions with a view to protecting their assets for their family e.g. their spouse, a long-term partner, children and grandchildren. If set up correctly, a Trust can be a very flexible legal tool to meet a family’s long-term needs. However, many people have been poorly advised by some of these companies and have received a promise that the Trust they have set up will protect all or a significant proportion of their assets from the payment of care fees and Inheritance Tax.
Customers have been advised to structure their assets in ways which may not achieve the purpose for which they have been created and many have paid more than £4,000 to have Wills prepared and to create some form of a Trust.
Universal Wealth Management and other suchlike companies organised ‘information’ events throughout the country to which carefully selected members of the public were invited. Attendees received a talk about asset preservation and were encouraged to purchase the company’s products with tempting discounts if they agreed to sign up there and then.
Some individuals that have used such services may not yet be aware that many complaints have been made by its customers and some are having problems obtaining important documentation from these companies. Some of these companies are under ongoing criminal investigations by the police.
It may come as a surprise that ‘Will Writing Companies’, ‘Estate Planners’ and ‘Inheritance Tax Planners’ can operate ‘unregulated’, which means that they are not all overseen by an independent body to whom they are accountable. There may be no means of redress when customers have a grievance or are unsatisfied with the advice they have received or when something goes wrong.
Solicitors firms are regulated by the Solicitors’ Regulation Authority. Holmes & Hills Solicitors are such a regulated firm and we hold a number of other accreditations awarded following rigorous independent assessments of our procedures, policies and practices. These include LEXCEL, APIL and the Conveyancing Quality standard. We are recognised by the Legal 500 and Chambers & Partners as a ‘leading’ regional law firm.
If you or a family member have used a company such as Universal Wealth Management (or similar derivatives of that name) to make Wills, Lasting Powers of Attorney or to create a Trust, we would recommend that you obtain independent legal advice at the earliest opportunity. A specialist lawyer working for a reputable firm can advise you about any potential risks and if appropriate, prepare the necessary documentation that will give effect to your wishes.
Many have already taken this step – but if you are yet to do so, or would like to receive a second opinion on the advice you have received, from a regulated, insured local law firm, please contact me, Deborah Abbott 01376 320456. I would be happy to give you guidance on your options and what is a good course of action to take to protect your or your relative's interests.
Call 01376 320456 for initial guidance from specialist lawyer, Deborah Abbott.
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