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Have You Been Mis-sold An Asset Protection Trust Scheme?

Have You Lost Money, Perhaps Many Thousands Of Pounds, Because Of It?

If you have received advice to take out an asset protection trust (APT) scheme it is likely that this has been mis-sold to you and you could be entitled to compensation.

What Is An Asset Protection Trust?

The term ‘asset protection’ covers a multitude of sins and can mean any form of trust by which funds are held on a discretionary basis. Very often an APT scheme is a financial product that sets out how a property is administered once its owner has died.

Since such trusts are often established to mitigate or avoid tax, divorce or bankruptcy liabilities, they tend to be frowned upon by the government and the courts.

Legal – But Beware

APTs have been around some time; in circumstances where they align with a Will to ensure properties are disposed of according to the deceased’s wishes, they can be used legally and properly.

However, certain financial advisers have preyed upon the fears of some people that they might have to dispose of their homes to fund care services.

How Are APTs Mis-sold?

Unscrupulous and negligent advisers have mis-sold APTs to thousands of people in the UK, many of whom have been led to believe their property will be protected if they’re forced into care.

This has seen retirees and those close to retirement pay out an average of £10,000 in fees for a valueless document.

With new government rules obliging local councils to take a harder line, regulators are acting against the individuals and firms understood to have exploited fears of retirement, as a result conning people to the tune of millions of pounds.

If a trust has clearly been established to help someone avoid disposing of their property if they go long-term into care, this will also be invalid and individuals will have effectively spend thousands of pounds in fees and then still be required to cover the costs of any long term care needs.

Do You Think You Can Claim?

Simpson Millar LLP has through knowledge on all types of trusts , their uses and how they are interpreted through law and in the application of using them for the sole purpose of long term care fee planning. This means that are experts are well placed to identify those trusts which have been mis-sold and are of little value or use to you.

If you think you’ve been mis-sold an asset protection trust scheme, contact us for a free initial chat to see if you could be entitled to compensation.

Get in touch

Don’t delay, contact us today on 0808 129 3320 or email us or simply complete our online enquiry form and we will get in touch with you to discuss your financial advice needs.