Jennifer Russell, associate solicitor at Wright Hassall
Ipswich based firm Universal Wealth Management are being investigated by Suffolk Police following their suspected fraudulent handling of families’ wealth and assets with two people connected with the firm arrested in April.
They have since been released but remain under active police investigation, leading top solicitors at Leamington firm Wright Hassall to speak out on the importance of using regulated, insured and qualified professionals when putting wills and trusts in place.
Jennifer Russell, associate solicitor at the firm, who has worked to assist some of those affected, said: “It is a worrying situation for people who have typically been advised by Universal Wealth Management to place the family home or other assets into a trust controlled by trustees who include companies associated with the firm.
“They are often now unsure whether their assets are safe. Having worked with families who have been affected by the firm’s collapse, I would encourage anyone who has been advised by Universal Wealth Management in the past to seek advice from an independent lawyer to check the documentation put in place by Universal Wealth Management and where necessary remove companies associated with the firm as trustees of any trust.”
Wright Hassall has a team of specialist private wealth lawyers with many years’ experience of advising clients on wills and estate planning.
One of the firm’s specialist private wealth lawyers, Lorna Payne, who has also advised those affected by Universal Wealth Management’s collapse, said: “People may not be aware that the will-writing and estate planning industry is not regulated, whereas solicitors are regulated by the Solicitors Regulation Authority, so we are held to a higher standard.
“Some of the planning offered by certain unregulated will-writers and estate planning firms may seem like a good option on the face of it but they may not be all they are promised to be.
“The problems caused by Universal Wealth Management can hopefully be resolved in a positive way for those affected but in the meantime they have often caused much stress and worry.
“I would always encourage those thinking of making a will or looking at estate planning to use insured, regulated and qualified professionals.”
