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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10635
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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What are the benefit s of putting property into a lifetime

Resolved Question:

What are the benefit s of putting property into a lifetime trust
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is XXXXX XXXXX am happy to assist you with your enquiry.

Can I please ask if you are looking into setting up such a Trust to avoid potential Nursing Home Fees?

Kind Regards
AL
Customer: replied 3 years ago.
Yes that is the main reason
Expert:  Aston Lawyer replied 3 years ago.

Hi Pat,

Thanks for your reply.

I'm afraid to say that there is no guaranteed "Trust" arrangement that you can set up which will guarantee that your home is not taken into account when assessing your capital for Nursing Home fees.

For Nursing Home purposes, the State can still treat you as owning your home, even though you are merely "Trustees" if it can prove that you have set up the Trust to avoid payment of such fees. If you set up a Trust of this nature, it will be pretty easy for the State to show this was your intention/reason for setting up the Trust.

Sadly, there are plenty of clients who have spent thousands of pounds setting up such Trusts with non regulated Companies.

I can not therefore advise you to proceed with your Plan- the best advice I can give you is to go to a local Wills Solicitor and he/she will be able to confirm the above to you, as well as providing proper advice as to how you can safeguard at least half of the value of your home for Nursing Home purposes, by amending your Wills and leaving your respective half share to your children/next of kin.

This will cost you approximately £500, not £5,000 and entails you both owning your property as "tenants in common" and leaving your half share to your Daughters, with a proviso that the surviving spouse can remain living in the property for as long as he/she wishes.

I hope this assists you and am sorry if I have come across rather abrupt, but it does frustrate me that there are Companies out there promising these magical Trusts (especially as they are not regulated like us Solicitors) and charging the earth, for a result they can't guarantee.

Kind Regards
AL
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