The Society of Will Writers has issued binding guidance on the sale of Asset Protection Trust to all of its members.
This market leading guidance covers what can and cannot be claimed when marketing these controversial styles of trusts to the general public. Specifically, it deals with some of the most common false or exaggerated claims that are made by firms who sell these types of trust, around, Care, Probate Costs and Speed, Protection in the event of Divorce or Bankruptcy and Taxation Issues.
The guidance which was devised and authored by the Society’s Professional Standards board is designed to bring clarity and greater consumer protection by preventing certain claims and requiring appropriate information to be given to clients at the point of sale. Speaking about the launch of the guidance Nick Ash, the PSB member with responsibility for Oversight and Governance of society members said.
“There has long been grumblings in the industry about the sale of this style of trust with speculation that this could be our sector’s misselling scandal. As part of the PSB’s remit to increase professionalism and standards across the industry we took the decision to introduce a series of guidance papers. Asset Protection Trusts was the obvious first step, given their controversial nature however there will be more to come, with the next guidance slated to be on safeguarding, followed by anti-money laundering.”
Anthony Belcher, Director at the Society commented:
“Initiatives like this are exactly why we have a Professional Standards Board. We are committed to leading the industry and have invited our colleagues at both The Institute of Professional Wil Writers and the BEST foundation to endorse this guidance. We are hopeful that they will get on board in the very near future. The guidance has been well received by our members and industry feedback so far has been excellent.”
The full guidance can be found at https://www.willwriters.com/wp-content/uploads/2025/02/Asset-Protection-Trusts-Guidance-V1.03.pdf
