Making money off the backs of the naive and trusting

Discussion in 'Finance, Property, Law' started by Iolis, Oct 4, 2009.

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  1. When Thatcher removed solicitors conveyancing monopoly which had provided the profession with a rich income-stream, they turned to alternative sources such as ancillary relief following divorce in which the equity of redemption in the family home being fought over could, with the right amount of conflict-generation, be converted into fees to meet the 'billable hours' target set by the senior partner on pain of dismissal. The second way they did it was in will-writing.

    In the latter case, will-writers ensured that by being appointed executors/trustees of the deceased's estate, they could legitimately plunder the estate at the expense of the beneficiary.

    An executor/trustee is entitled to be re-imbursed his or her 'reasonable expenses' for administering the estate of the deceased. This is borne by the assets comprising the bequest or the demise. It is often but not always agreed at the will-drafting stage.

    If you or I administer the estate of our much loved and departed relative, then we may not raise a charge against the estate for our telephone calls and letters or travel or time in winding up the deceased's affairs. For some, this is regarded as a 'final duty' to the dear departed. Solicitors and Banks on the other hand regard such 'reasonable charges' in the same way as Blackbeard eyed the Galleons on the Spanish Main!

    Thus, if you have a will drafted by a solicitor or a bank and you have just won the Euro-lottery, the chances are that so has your solicitor or bank!

    It appears that the practice is on the increase either as a result of the lack of business generated by the recession or more noticeable because of it.

    two related reports from The Independent!

    The two professions most likely to fleece you? Lawyers and Bankers!
     
  2. Her Majesty's Court Service has a probate service with information a 'practitioner' would normally bill you for!
     
  3. Also pension funds that charge you 1.5% handling charge, but that is compound interest, over thirty or forty years thet could add up to 25% to 45% of your total savings
     
  4. The means of devolving acquired wealth on death and saving during life have been well and truly undermined and subverted in this country directing hard earned money from the hands of the thrifty into to the pockets of the greedy.

    The equity of redemption in the family home is now little more than a 'piggy bank' for the state and the financial services industry and pension funds have been plundered. Banks offer derisory rates on savings and charge extortionate interest rates on lending.

    Regulatory bodies are funded by the bodies they are supposed to regulate and in whose interests they act. A great many people are making a fortune on private thrift!

    There is not a single institution in this kleptocracy of a Kingdom that I would trust with anything!

    Little wonder that the entreprenerial choose to take advantage of the free movement of labour, capital and services under European Community Law to leave 'treasure island' and move abroad!

    It is the poor who remain on this prisoner island!