I hope this newsletter finds you all enjoying the summer weather. Today, I’d like to share a recent experience.
We had the privilege of assisting a client who approached us with a matter involving their trusts. Our client initially came in June seeking guidance to have professional trustees removed from their four trusts. We drafted the trusts, ensuring attention to detail. Subsequently, the trusts were sent to the trustees for their approval and signatures. However, a potential roadblock arose when the trustees indicated a fee of £220 plus VAT for each signature, totaling £880 plus VAT. In the end, after questioning this the client was only charged £220 plus VAT for the signatures.
However, our journey didn’t stop there. We learned that two of the four trusts were not on file with the trustees who had originally drafted and created them. Swiftly, we provided the necessary documentation to rectify the situation.
As the process moved forward, we sent the documents for signatures, which were promptly returned for our client’s review and approval. During the signing meeting, our client revealed a surprising development: the professional trustees had sent them a bill for registering their trusts of over £100. The deadline for trust registration was set for September 2022. Luckily, our client had already taken proactive steps, guided by their Independent Financial Advisor (IFA), to ensure timely compliance. Notably, our client was not alone; friends and family who had trusts with the same company had encountered similar experiences.
This entire experience reaffirms the significance of engaging legal experts who genuinely care about their clients’ well-being. At Marlborough Law Limited, we are deeply committed to guiding you through life’s legal complexities with unwavering support, professionalism, and integrity. Our client’s journey demonstrates that trust matters in more ways than one – from drafting trusts to removing trustees and handling unforeseen challenges along the way.
If you find yourself contemplating setting up a trust or considering changes to your trustees, we encourage you to reach out. Our dedicated team is here to provide expert advice, ensuring your journey is as smooth and stress-free as possible.
Thank you for allowing me to share this insightful experience with you. As always, please feel free to connect with me for any legal enquiries or guidance you may require.
Pursuing legal excellence together,
Founder, Peyton’s Perspective