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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10236
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My name is***** have been contacted by a firm

Customer Question

My name is***** have been contacted by a firm of financial consultants to alter our wills. they want us to ring fence our assets against 3rd parties and including local authorities also to make out lasting power of attorney of us. They want us to pay £4500 we can't afford anything like this amount. can you help or tell us where to go please
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.
Jan and thanks Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Is this Company by any chance offering to protect your assets against Nursing home fees and setting up a Trust in that regard?
I look forward to hearing from you.
Kind Regards
AL
Customer: replied 1 year ago.

Sorry my lap top is not notifying me of your reply ... Yes that is exactly what they said we had rep/comsutant with us one day and 4.5 hours the next. Talked about 3rd party claims on our assets, ring fencing children to receive everything and against nursing home costs, also lasting power of attourney my hisband and myself. £4.500 is far away from what we can afford..

Expert:  Aston Lawyer replied 1 year ago.
Jan,
Thanks reply.
There are certain Will writers/Financial Companies who promise to "safeguard your home from Nursing Home fees" by preparing Trust documents that cost up £2,000 or more.
I am afraid, however, that these Trusts, which put your property into the names of next of kin, are not guaranteed to save you any Nursing Home costs, whatsoever!
This is because under legislation, if you do gift your property to your children, purpose of avoiding Nursing Home fees, the state can still treat you as owning the property and hence be charged the Nursing Home fees.
What I would suggest, however, is that you speak to a local Wills Solicitor, who can advise you fully on the above, and he will also be able to advise you as regards ***** ***** which can minimise your liability to Nursing Home fees.
Basically, if your home is in joint names, you can change the way you hold the property at the Land Registry so that you hold it as "Tenants in common". This means you both own a separate 50% share in it, which share you can then leave to your children in your Wills, hence safeguarding 50% of the property Home purposes.
Your Solicitor will also be able to prepare Lasting Powers of Attorney .
information, your Solicitor is likely to charge you the following, which is the going rate-
a.One LPA person which is registered at the Office of the Public Guardian (OPG) £450 + VAT + OPG fee of £110 = £650
b.Two registered LPAs (Welfare & Financial) person £650- + VAT + OPG fees of £220 = £1,000
c.Two registered LPAs (Welfare or Financial) couple £800 + VAT + OPG fees of £220 - £1,180.
As regards ***** ***** you are likely to be charged £350-£400 plus VAT to include the Tenancy in common work.
We Solicitors are of course regulated unlike some other Companies and please please therefore trust your local Solicitor as opposed to another body!
I hope this helps and answers your question.
Kind Regards
AL
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10236
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you. We already have two wills which (platinum wills) has a protected property trust children. We live in a Mobile Home on a residential park so pay ground rent unit, The company that has taken over them (legacy probate services limited) said that we need new wills and that by putting everything into this trust, would remove the need . I know I have muddled up this information, but do we need in your opinion what we have been pressureised in to parting with a substantial amount of money for.

Expert:  Aston Lawyer replied 1 year ago.
Jan,
If you already have Wills and the Deeds are held by you as Tenants in common, to include the provision leaving your half share of the property to your children, you won't need to make new Wills, just because Platinum Wills have been taken over.
As regards ***** ***** will still be required if you have over £5,000 in other assets (ie in Bank/Building Society/shares).
Please note that Probate is a very straight forward process anyway, and a Solicitor would normally charge approximately £300 plus VAT to deal with it- so forking out thousands now is not going to save you anything in the long term and indeed will turn out to be more expensive.
I hope this assists but please let me know if you need me to clarify anything further.
Kind Regards
AL

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