Protected Property Trust

ASmith123

A member of my family has recently applied for a protected property trust after receiving a cold call and subsequent visit (by appointment) from Express Law. I would be very grateful for opinions or advice from anyone who has used the company or has had experience with protected property trusts as this is something I havent had chance to research. Many thanks in advance.

dunstonh

Never act on cold calling. I would suggest the family member uses a local solicitor as 1) local company means local contact when the inevitable happens. 2) Usually longer established and higher qualified. 3) You are approaching them for advice rather than being cold called to get a sale. the trust may not be required and alternatives could be better/cheaper.

Loughton_Monkey

So I wonder who are now the trustees of their will?

So I wonder who will charge 7% to administer it over 2 years?

And I wonder who will value the house at £3 million (for the basis of their fees) but sell it for the true value of £500,000 so they get 42% out of the deal.

OK I exaggerate (only slightly) but (a) if they have already signed up the whoe thing, take it to a proper local solicitor and get it done properly, or (b) if not, then rip everything up and tell them to shove the pieces where the sun doesn't shine. They are in danger off being ripped off enormously.

bilbo51

I echo the sentiments of the previous posters. If your relative has only 'applied' for this then, if it were my relative, I would be moving heaven and earth to get them to cancel the arrangement - so they could take the idea to a local solicitor and do it properly.

Cold callers get the cold shoulder from me - I suggest you do likewise.

telfordwhite

Does anybody know the typical cost for setting one of these up.

I got quoted £440 from a legitimate company but it seems quite expensive.