Property in Trust

tdphrmi

Hi. Please could anyone help me. I am 80yrs old and my husband died five years ago. We decided around 9yrs ago to put our property in trust  for our children and grandchildren. I am now informed that the Trust Company is being wound up and have been a[pproached by another Trust Company who are wanting me to transfer my property to them. They are also asking for money to enable them to do this. At the time of us first doing this it cost over £4000. and I feel I should not be asked for more money and dont know what to do next . Please could someone advise me. Thank you

Keep_pedalling

Oh dear! I am afraid you made a terrible error in being persuaded to do this. Whatever you do do not compound it by going with this new company. 

It is to late to undo the trust, but you should be able to get family members appointed as trustees rather than what is almost certainly a dodgy unregulated trust company. You will probably need professional legal advice to do this.

Who was the original company and who are the new scammers?

tdphrmi

The original company was The Family Trust Corporation and the new Company is Philips Trust. I will take your advice and look into getting family members appointed as trustees. Thank you so much for your help

xylophone

https://www.saffronbs.co.uk/financial-advice/information-regarding-the-will-writing-company/
the customer can ask the Family Trust Corporation to retire and appoint new trustees in their place if they so choose to do. This request can be made by contacting Philips Trust Corporation Ltd.

Sheffieldnana

I have been trying to do the same, with great difficulty as they do not answer calls or mail. Solicitors do seem to have a bit more luck …. But more costs. 

There is an Action Group Philips Trust Corporation that you can apply to join. 

4leafclover_2

I posted about trusts and problems they caused me in the hope I could get to understand more, and also hoped others may think twice if they hear their parents etc have been targeted. I deleted the posts as a trust company/solicitor ( not FTC or PTC but a solicitor/estate agent )  felt they might lose  business and made threat of loss of potential earnings, as  they said their trusts were a different type.  These trusts can cost thousands to set up, even more thousands for solicitor to sort out inheritance tax, ( they count and it complicated everything even though all of the estate including house was actually well under inheritance tax limits) then you pay to wind them up.  I am yet to see who benefits apart from the trust directors probably get a bigger house/car/holiday.  Some employees probably have a grim time too. I don't think my parents were told all this, and that they didn't own the house any longer and that it wasn't a solicitor drawing up the will.  If this isn't mis-selling what is?