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The great unscramble
Key points
- The unregulated sale of wills and trusts causes issues to the individuals who buy into them as well as the professional advisers who are left to rectify the problems.
- On creation of a trust there are tax issues to consider on the trust and the settlor. Some trusts must also be registered under the TRS.
- Care must be taken to avoid setting up a trust where the settlor is a beneficiary (gift with reservation of benefit).
- Options to wind up spurious trusts vary on the circumstances of the settlor although the required documents are often inadequate.
- If the settlor was not adequately advised in creating the trust it may be possible to bring a negligence claim against the provider who set up the trust for negligence.
The unregulated wills and trust market has never been more alive. Hundreds of unqualified salespeople are selling to unsuspecting individuals often...
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