Be wary of asset planning arrangements

Advice received by elderly clients from some banks and building societies with regard to establishing asset planning arrangements may well be unnecessary, it has been revealed.
 
It was recently publicised that this advice often includes the suggestion to set up a Family Trust arrangement, which is then arranged by a commercial agent or trust corporation.
 
The whole concept behind a Family Trust is so that if an individual finds him or herself unable to manage their own property or financial affairs at some stage due to ill health, there is a support system in place.
 
Unfortunately, what is possibly not understood is that in many cases, this type of protection is not relevant and arrangement fees are often overly expensive. What’s more, in some instances this kind of arrangement could see the commercial agent actually taking ownership of the person’s home.
 
If you would like to discuss ways of protecting your home and assets in the future, should you become infirm, contact a professional estate planner, rather than a financial institution.

Leave a Reply

Contact us

x

Call us for a quote, instant help or impartial advice on freephone
0800 612 6105 0800 calls are free - 0333 are local rate - Just click to Call



Or complete the form below
Name
Email
Tel
Message