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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34508
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am 85 and my husband is 92 are we too old to take out A trust

Customer Question

I am 85 and my husband is 92 are we too old to take out A trust to protect our home children?
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
,
No, it is not too late to do so. But if you intend to protect your home from being sold to pay care fees, please be advised that the local authority may challenge the trust if the intention was to avoid care fees.
Hope this helps
Expert:  Clare replied 2 years ago.

Thank you question.
My name is ***** ***** I will do my best to help you
It is unlikely to be worth the expense of a full trust - which could be challenged by the Local Authority.
However it is possible to take action to protect at least half of the equity (assuming that you do not both go into a home at the same time.)
The is done by taking action so that you each own your own share of the property, then making Wills which leave you half of the property to the children - with the surviving spouse being given the right to live in the property so long as they wish.
Please ask if you need further details
Clare