John Fawcett has joined the firm as Partner
Meadows Ryan’s Head of Private Client, Jade Gani, appears as the expert on BBC 1’s ‘Rip Off Britain’, presented by Angela Rippon. First airing at 9:15am on Wednesday 11th May 2022, the episode about rogue Trust companies can be viewed on BBC iPlayer for the next 12 months.
Trusts are legal vehicles usually used to protect assets, facilitate intergenerational wealth succession and/or assist in general tax planning. There are many different types of Trusts, each with their own tax treatments, rules and uses. Finding the right Trust for your individual needs is key to meeting your objectives. Assets held in trust are managed by your ‘Trustees’, who have far-reaching powers and should be individuals you trust implicitly. Sadly, not everyone receives the right specialist advice, at the right time.
In this episode of ‘Rip Off Britain’ Jade speaks to the investigations team about the nature of Trusts and what to look out for when choosing an advisor. In addition to being a fully qualified solicitor specialising solely in Wills, Tax, Trusts & Estates (known collectively as ‘Private Client’ in the legal world), as a fully qualified member of The Society of Trusts & Estates Practitioners (“STEP”) and Solicitors for the Elderly (“SFE”) – for which she is also a Regional Director – Jade is well-equipped to advise clients on complex Tax and Trust matters.
However, not all Trust practitioners have the same level of expertise or experience. In fact, lots of people do not know that anyone can create a company dealing with Private Client matters, regardless of background or knowledge. Whilst there are many capable, excellently equipped companies around who take their education and development in this field very seriously, there are also some unregulated, under-qualified companies who undertake rogue practices and can sully the good name.
When choosing a practitioner to help you in these matters, Meadows Ryan recommends you consider some of the following important points:
- How complex are your needs? The more complex, the more important it is to find the right specialist to assist you.
- What experience does the practitioner have in the field? Have they dealt with matters similar to yours in the past?
- What reviews and/or feedback have they received online?
- Are they regulated by a governing body?
- Have they undertaken additional qualifications and/or training in this field?”
After you have chosen a practitioner, it is important you continue to assess how they are best suited to managing your changing or developing needs as your matter may progress. Jade lists some of the following red flags that you should be alert for:
- Does the company promise you a ‘too-good-to-be-true’ solution? If so, then it likely doesn’t achieve everything they claim as there is always give and take with estate planning.
- Do you understand all the information they have given you and/or any documents they have sent? If not, don’t sign anything.
- Have you got any doubts or concerns? Speak to another professional for a second opinion.
Jade highlights: “The main issue is that often the problems with poor estate planning don’t arise until it is too late to correct them – the client having either passed away or being incapacitated. Clients believe they have had good advice until the time they need to really rely on that advice, and it transpires the work was flawed as has happened with the firm in this documentary. At that point, the family have few options but to litigate, which is time-consuming, expensive, and emotional.”
She further suggests that “where matters include complex Trust or Tax advice, I would always recommend using a fully qualified member of SFE or STEP, as they have undertaken rigorous additional learning and exams in these very specific areas and are widely regarded as the industry-leading accreditations. But you should also look for experience of complex matter too, to ensure you are receiving the best advice. Going to the wrong advisor for complex matters can cost you many thousands of pounds in the long run, as well as added unnecessary stress and trauma for your loved ones.”
Our Private Client team here at Meadows Ryan offer a free initial consultation to discuss your Wills, Tax, Trusts & Estates without any obligation. So, if you are ever in doubt then please do reach out to the team on 01932 852 057 or info@meadowsryan.com
Have you been the victim of bad advice? Contact our Private Client team today who would be happy to talk you through your options moving forward: 01932 852 057 or info@meadowsryan.com
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