Trust Law Advisory Service
What do you do when your client brings you a matter which is outside your usual area of practice?
Your client trusts you and wants you to act but doesn’t recognise how difficult it is to cover all areas of law or the professional indemnity risks involved. You don’t want to let them down or lose the business.
Should you take it on? What are the risks? Should you suggest that your client looks elsewhere for advice? If so, where? And will they come back? We can help.
Pagan Osborne offers assistance to Scottish law firms requiring access to specialist advice through our Trust Law Advisory Service. Our specialist advisors have a wealth of experience in the creation and administration of Trusts.
In the current difficult economic climate, clients are probably turning to you more than ever before for advice and assistance on how best to protect their wealth for future generations. Trusts can provide flexible solutions to many family issues and can, therefore, be used in a number of ways, for example, to protect the wealth of young children until they are old enough to manage it themselves; as an educational Trust for grandchildren; or to help maintain the stability and business continuity needed by a family business in the event of a family member’s death.
However, the needs of clients in this area are often complex, involving personal, charitable and business matters. Our services are tailored to individual needs and draw on all our expertise. This will include advising on the purposes of the Trust, who the trustees will be, how long the Trust should run and on keys dates for making future decisions and how and when to wind it up.
Trusts can be viewed as tax saving devices and, as a matter of course, we can offer advice on gifting and tax reliefs and are used to negotiating valuations with HMRC.
For more details about this scheme or to discuss a particular case please contact our Trust specialist Tessa Till on 0131 624 6814.
The Advantages to you...
• You have immediate access to specialist advice and assistance
• You and your client are in control and set the rules
• You retain the principal contact with your clients, avoiding them seeking advice elsewhere
• Your clients are impressed that you have identified the need for and have access to specialist advice
• You introduce your clients to a firm that places real value on the client experience
• You reduce your exposure to professional indemnity claims
How the service works
We will discuss with you at the outset how we could assist in any particular case. There are various possibilities such as:
• Providing a second opinion
• Taking on the whole matter
• Providing advice on specific aspects while you continue to deal with the majority of the matter
• Advising "out of sight" while you continue to front the matter. It is for you to decide the level of our involvement in each case
We will agree feeing arrangements with you and how we will communicate with your client (if at all).
We will not undertake work for your clients which you would normally carry out for them or which is within your normal area of practice.
We will not "poach" your clients. This service works because we build relationships with you and other firms who like to have our backup. We respect your relationships with your clients and will not disturb those.
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