Universal Wealth Management / Universal Asset Protection
News:
The above Ipswich based company, which you may know by any of these names but more commonly Universal Wealth Management, is currently in liquidation. The BBC has reported that the company is being investigated by the Police. There are worries that many people have set up trusts with this company to protect their properties and money. Many clients have been unable to contact the company and are worried that they will never see their money again.
The company are the subject of a BBC East programme ‘Inside Out’ broadcast on 15th October 2018.
Our position:
We would like to provide the following reassurances to our clients and business associates:
- Silver Lining Estate Planning Ltd has no connections whatsoever with Universal and never has had. If you have set up a trust with us it is nothing to do with Universal.
- In some cases, we have helped to set up trusts for our clients which involve transferring properties, usually the family home, into trust during the clients’ lifetimes rather than in their Wills. These trusts were all drafted by Solicitors. We have never, under any circumstances, encouraged or allowed our clients to transfer money into those trusts. Although a lifetime trust can hold almost any kind of assets, we are not qualified to give financial advice and would always refer somebody to a financial adviser.
- Importantly, we have never appointed ourselves as trustees for one of our trusts. Our advice is usually to appoint family members who can take legal advice when necessary.
- Our financial position is very strong and we intend to serve our clients for many years to come. However, even if this changed, the trusts we have helped to set up would still be legally valid and we do not hold any funds on behalf of any of clients.
You can read the BBC News story here
STEP (the Society of Trust and Estate Practitioners) has produced an excellent blog which explains what you can do if you or someone you know has been involved with Universal here
If you have any questions please contact us on 01473 358195
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