Property Asset Trust

[Verbena37]

Hi,
My parents have just had a free one hour meeting from a paralegal guy who has assured them that he can set up a trust for their house for which myself and my sibling will be beneficiaries once they've died.

He has charged them £1800 for that.....which they gave have already given him a cheque for in advance for the work that needs to be carried out.

I just told DH and he said it seems like a rip off, if it's even legal at all.
I've looked into setting up trusts online today and it seems like it's genuine but has anybody else known people to do this?

The guy told them that a solicitor would be much more expensive if we had to go through probate after death and take up to 6 months, whereas a trust is instant.

Anyone think this sounds dodgy?
He told them that solicitors don't generally suggest putting homes into trust for children as they make much more money in probate fees.

Op - probate is very straightforward for the executors to do, it doesnt have to be a solicitor, and it doesn't have to take 6mths. My mum died in Feb, my DB and I were executors, I did most of work and we had probate within 10wks. The house sold v quickly and had actually completed and the estate all divided up by early July. But we were also able to divide up cash as soon as we had probate.

I am not a legal expert, so no idea if your parents have been advised properly, my only thought would be what happens if they need to go into a home. I wonder if the LA could say that the house was put into a trust to avoid care fees?

You may wish to move this thread into legal matters, you should then get some advise from solicitors as to whether there will be any come back from setting up the trust.

Ah thank you for your reply.....I realised after I posted here that it might work better in legal so copied it there and got some traffic.