McClure Solicitors went into administration on the 29th of April 2021. Jones Whyte LLP acted as the intervention agent following McClure Solicitors going into administration.
McClure Solicitors may have advised you historically in connection with the set up of a ‘Family Protection Trust’. The intended effect of putting such a trust in place was likely to try and ringfence assets, typically the family home or other financial assets, against inheritance tax, care fees and the impact on your entitlement to receive means tested benefits. To try and achieve these desired outcomes, the trusts were set up as Discretionary Trusts.
Under a Discretionary Trust, no one person has an absolute entitlement to benefit from the trust. It is the role of the trustee (or trustees) of the trust to determine who should benefit from the trust, at what point in time and to what extent. It is the trustee(s) responsibility to manage the trust during its lifetime. This includes making investment decisions, dealing with trust compliance matters and filing appropriate tax returns (including income) and capital gains tax returns and inheritance tax returns).
It is understood that significant difficulties and delays have been faced following McClure Solicitors going into administration in terms of obtaining information about trusts set up by McClure Solicitors and under which one or more of their partners, including Shirley Houlihan and Andrew Robertson, were appointed as trustees.
We understand from recent client instructions that many of you are still encountering difficulties with the administration of these trusts, including not being able to sell your property without the involvement of Shirley Houlihan and/or Andrew Robertson due to the way in which the trusts have been set up and the trust assets registered in the names of the trustees.
We have a team of specialist lawyers on hand to advise you in connection with your lifetime trust(s). As a starting point, it is important to reflect on the reason(s) as to why the trusts were set up in the first place. Are your objectives still the same and does, in fact, the trust achieve what you want it to?
Subject to the outcome of our review, we can advise as to the best way forward and assist you in ensuring that the trust(s) compliance matters are up to date and, as required, the trustee position updated and any other courses of action taken, as appropriate.
HCR Law is a full service law firm and we have already acted for clients affected by McClure Solicitors administration. In the event that advice is required on Scottish legal matters, we have a link with Lindsays who are on hand to advise in addition to our offering throughout England and Wales.