Will Writing Cowboys Are Wound Up
I was pleased to read in our professional journal that at the request of the Insolvency Service the High Court has closed down a dubious will-writing operation involving three linked Midland companies.
Irregularities in the companies accounts brought them to the attention of the Insolvency Service. The following investigation found a list of misdemeanours including trading in a manner which was “contrary to public interest”. Using telesales staff and cold-calling, so called “legal consultants” arranged home visits to sell the companies’ products including will-writing and trusts. Some clients were sold products that were inappropriate to their circumstances. One of the companies was not keeping proper accounting records and transferred company funds into a bank account it did not control.
Sadly one of our clients in Solihull was duped by such a company into parting with a significant up front payment for a product that was not effective for him and his family.
The message is that your will and trust arrangements relate to your most valuable assets. When seeking advice do make sure to consult a TEP solicitor (a member of the Society of Trust and Estate Practitioners) and you are then safe in the knowledge that they are regulated and highly qualified to advise in that particular area of law.
Judy Dyke and Clare Sillery, Solicitors at Tyndallwoods, are both TEP qualified solicitors.
Judy Dyke
TEP Solicitor,
Partner and Head of Private Client Team