Inheritance tax

Vagabond3

Hi Sam,

The life insurance policies covered my father, uncle and brother - they all passed away in a fairly short period of time and were payable to my mother.

I wasn't involved in the process, but I believe that advice was received from the solicitor handling my father's will that the best route would be to set up a trust fund.

My understanding is that he did not suggest my mother sought independent financial advice over the issue.

SeniorSam

Vagabond3 wrote: »

Hi Sam,

The life insurance policies covered my father, uncle and brother - they all passed away in a fairly short period of time and were payable to my mother.

I wasn't involved in the process, but I believe that advice was received from the solicitor handling my father's will that the best route would be to set up a trust fund.

My understanding is that he did not suggest my mother sought independent financial advice over the issue.

Hi Vagabond3,

Solicitors are not permitted by the Law Society to offer financial advice and where this is needed the solicitor has a duty of care to direct his clients to seek independent financial advice ........ preferably in writing to cover himself and his practice.

He may well have done this as you were not aware of the advice given so it is a difficult point, but where your mother had received substantial amounts of money, financial advice should have been obtained and any good solicitor should know this and act accordingly.

However, where advice was given by the solicitor that can be proved neglegent, then in such cases (not necessarily this case) the solicitor is liable ans where a Trust was recommended, what sort of Trust and in connection with what. What alternatives were suggested?

Many solicitors have been the subject of legal action for incompetence or neglect of their clients by not directing then to IFA's fpr financial advice, but you need to be sure of your facts before considering any action.

If you suspect that your mother did not receive good advice, questions could be raised with the solicitor in question as to the advice given and proof of this from letters he wrote.

Hope this helps

Sam

localhero

SeniorSam wrote:

Many solicitors have been the subject of legal action for incompetence or neglect of their clients by not directing then to IFA's fpr financial advice...

They are also quite prone to making clangers with Wills as well. :eek:

SeniorSam

localhero wrote: »

They are also quite prone to making clangers with Wills as well. :eek:

. So as a specialist in Wills, perhaps you could answer my other Thread on 'Solicitors Trust Document' as this is something that is used in connection with Wills ??

Sam

localhero

SeniorSam wrote:

So as a specialist in Wills, perhaps you could answer my other Thread on 'Solicitors Trust Document' as this is something that is used in connection with Wills ??

Sam

The issue may be the trust administration rather than a problem with the Will - in any case since no-one else has bothered, I've answered your question.