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INC Law
INC Law, Solicitor-Advocate
Category: Law
Satisfied Customers: 13978
Experience:  LL.B, LPC, LL.M, Pg.Dip, Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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My parents who are currently both well. Want to make their

Customer Question

My parents who are currently both well. Want to make their home into a family property trust. They have a will already with the property split between myself and my brother. Its value is about £250,000. They have been advised by a financial advisor that this will avoid probate but also and more importantly... if either need care in the future the council cannot make the sell their house to pay for their care. Is that correct. Thank you.
Submitted: 11 days ago.
Category: Law
Customer: replied 11 days ago.
The property is not named in the will. It is just called the property and is unregisteted. My brother and i have joint power of attorney for health and wealth.
Customer: replied 11 days ago.
They have asked for £2400 to set this up and complete everthing. They said it is an extension of their existing will.
Expert:  INC Law replied 11 days ago.

Hi,

Thank you for your query. Theoretically, that is correct because if the property is owned by a Trust it cannot be owned by your parents and therefore the local authority could not make them sell their property to cover for their care.

However, I would suggest you take a second opinion from either another financial advisor or chartered accountant before proceeding.

I hope this answers your questions. If so, kindly rate the answer and provide feedback.

if you have any further questions, please do not hesitate to ask.

Many thanks

Customer: replied 11 days ago.
Thank you. Why do you feel that i need to get another opinion please? The F A is recomended by a friend and is on the company website he works for with positive feedback.
Customer: replied 11 days ago.
Are there reasons why this would not work. Thank you
Customer: replied 11 days ago.
When can i expect a reply
Expert:  INC Law replied 11 days ago.

Hi,

Sorry for the delay, I have been away from my desk in meetings.

You would need to ensure that the trust is incorporated correctly otherwise it could be a problem.

I hope this answers your questions. If so, kindly rate the answer and provide feedback.

if you have any further questions, please do not hesitate to ask.

Many thanks

Customer: replied 11 days ago.
What do you mean by incorporated properly?
Expert:  INC Law replied 11 days ago.

Hi,

I mean that the trust is set up properly. If you are getting advice from a credible local advisor you would expect them to give the correct advice. You should check that the financial advisor is registered with the FCA.

I hope this answers your questions. If so, kindly rate the answer and provide feedback.

Many thanks

Customer: replied 10 days ago.
You havent really answered my question... you suggest asking another F A? I asked why? Im asking you.. thats what im paying for.
Expert:  INC Law replied 10 days ago.

Hi,

You must appreciate, I cannot comment on the structure they are proposing until I have sight of documents. Even then, lawyers are not regulated to give financial advice.

 

Customer: replied 10 days ago.
So it may have been appropriate to say that and not take my money.
Customer: replied 10 days ago.
I would like a refund please. Im sorry i wasted your time.