How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33325
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

Should I put my home in trust adult children to make

Customer Question

Should I put my home in trust for my adult children to make sure that everything does eventually go them when I pass away. I do not want everything to be swallowed up in care home fees or go to in-laws family in the event of a child's divorce, or if one child becomes bankrupt, I don't want that child's creditors to be able to deprive him of his legacy. I do have a will, but I understand that should any of these events happen my intentions may not be carried out.
Submitted: 10 months ago.
Category: Law
Expert:  Clare replied 10 months ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information first.How much is the house worth?
Customer: replied 10 months ago.
I am in the process of selling my house at £480,000 and will be buying a flat for £162,500.
Customer: replied 10 months ago.
I plan to put £200,000 away to take care of the service/maintenance fees for the rest of my life. I will be 72 in July. I need to completely refurnish as everything I have now will be too big.
Expert:  Clare replied 10 months ago.
So how much would you put into a trust?
Customer: replied 10 months ago.
It would be whatever my flat is worth at the time plus whatever savings I will have left.
Expert:  Clare replied 10 months ago.
Hi
Will the assets be distributed upon your death?
Clare
Customer: replied 10 months ago.
It's getting late. Can we continue with this tomorrow please. That will give you a chance to research. I just want to make sure that my wishes will be carried out and that any monies from sale of my property will definitely go to my children and not be swallowed up by any possible care home fees (I hope that will not be necessary but one doesn't know what the future holds). Also in the event of a child's divorce or bankruptcy, I understand that my assets could in fact not go to whom they are intended.
Customer: replied 10 months ago.
Actually, Wednesday evening would be a better time. Thank you.
Janet
Expert:  Clare replied 10 months ago.
Hi
An odd question I know - but have you always been the sole owner of your current property?
Clare
Customer: replied 10 months ago.
It was in joint names of myself and my ex husband but went entirely into my name when we divorced many years ago in the 70's. He has no claim on the property now. I will continue with this on Wednesday as I am very tired now.
Expert:  Clare replied 10 months ago.
HiI had thought I had answered this but clearly did not send what I had written - my apologiesIf you leave funds to your children in Your Will then they will inherit those funds and can do with them what they please It is true that if you transfer your property to your children and simply pay rent to remain in the property then the divorce or bankruptcy of one of your children will impact on what they eventually received form the property.However if you try and place all your funds in a Trust there are still matters you need to consider carefully.As a starting point if you are not able to pay the home fees yourself then you will have to go to the home chosen by the council - and not by youIn addition whilst at present such a Trust, whilst expensive to set up and run might work - that may change at the next Budget and there is no way of predicting if it will still work when the times comes.I am not sure how old you are - and of course you may consider the risk worth it - but if so please get information and quotes from a selection of companies!Clare

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions