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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10176
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am thinking of putting my house into a trust. Who/what solicitor

Customer Question

I am thinking of putting my house into a trust. Who/what solicitor should I make an appointment with? I want to leave the house to my two daughters can they also be the trustees or do I have to nominate someone else? what would be the cost for this?
Many thanks
Doreen
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
Hello Doreen and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Can I ask why you are considering putting your property in trust? Is it to save on potential Nursing home fees or Inheritance tax?
Kind Regards
AL
Customer: replied 2 years ago.

To save on potential nursing home fees property not in the Inheritance tax

Expert:  Aston Lawyer replied 2 years ago.
Thanks for your reply Doreen.
I'm afraid there are plenty of non-Solicitors offering a magical Trust which will save a client from paying Nursing home fees, but there is no such Trust which will guarantee any savings at all, unless you would be willing to vacate your property now, which I'm sure you won't want to do.
However, there are ways that a Solicitor can assist you in safeguarding at least half the value of your home, if you are married and the property is in joint names. This can be done by preparing a simple clause n your Wills.
If you are living in the property on your own, your Solicitor can also advise you generally on Nursing home fees, and the "Trust" I have referred to above.
Generally, whenever anyone goes into a Nursing Home, they are asked what assets they have and what has happened to any property they used to own. Under the law, if anyone has disposed of assets/property for the purpose of trying to avoid paying Nursing home fees, they will still be treated as owning that asset/property when assessing their capital/savings.
So, if any Trust or gift of property is made, the above principle applies.
If you do not know any local Will Solicitors, you can go on the Law Society website and click on "find a Solicitor", and you can type in your postcode to find suitable local Solicitors.
I hope this helps you and answers your question.
Please let me know if you require any further clarification.
Kind Regards
AL
Customer: replied 2 years ago.

I was told by a financial advisor that I could put the property into my daughters names in a trust it has to be for a total of 10 years then it becomes their property is this wrong information?

Expert:  Aston Lawyer replied 2 years ago.
Hi Doreen,
Thanks for your reply.
I'm afraid there is no guarantee that any Trust will defeat the "Nursing home fees scenario".
The State can look at any gifts you have made over the years and if they can show you have made that gift/set up the Trust to avoid paying Nursing Home fees, they will treat you as still owning the property!
There is therefore no set time limit after the "Trust" is set up that you can turn round and say "my property is now safe and won't have to be sold to pay for my Nursing Home fees".
It is true that the longer the period between you making a gift/transferring the property into Trust and going into a Nursing Home the harder it is for the State to prove you have entered that transaction to avoid paying Nursing home fees.
However, if you intend to set up a Trust and intend remaining in the property and there is no other valid reason set out in the Trust as to why you are holding the property on trust for your Daughters, then the State may be successful even if the 10 year period passes before you go into a Home (if indeed you ever were to go into a Home).
There are a lot of Companies out there offering these types of Trust costing anything from £1,000-£2,000 and all they are doing is preparing a simple Deed.
If you are interested in pursuing this Trust, please at least speak to a local Wills Solicitor before you part with your money.
I hope this helps.
Kind Regards
AL
Expert:  Aston Lawyer replied 2 years ago.

Hi Doreen,

Can I be of any more assistance to you?

Kind Regards

AL

Expert:  Aston Lawyer replied 2 years ago.
Hi Doreen,
Can I assist you any further?
Kind Regards
AL

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