It can be a shock to many people when they find out they may have to pay over £1,000 a week for their care home costs. Therefore, it is only natural that people are looking to protect their assets from nursing home fees.
A less risky approach to just giving the money away as a gift is to use a ‘Trust’, allowing you to save a portion of your property to pass on to loved ones.
A Property Protection Trust Will is designed for couples who are worried that one of them may need long term care in the future or that their spouse will remarry after they have died and their share of the property will fall into the hands of someone outside the family as often happens without proper planning.
This type is also known as a ‘Life Interest Trust’ in favour of the survivor which means that they can benefit from the share of the house in the trust during his/her lifetime and on their death the trust fund passes to others, usually children of the family.
Our team has a depth of experience and offers responsible, honest and friendly guidance on preparing or updating your Will.
We look forward to getting to know you and helping you make your company to new heights
We look forward to getting to know you and helping you make your company to new heights
We look forward to getting to know you and helping you make your company to new heights
The trust allows the surviving partner to remain living in the family home by ‘right of occupation’ and will be protected against any potential threats i.e. if the ultimate beneficiaries get divorced or declare bankruptcy.
If the surviving partner needs care, only the survivors half share is subject to assessment. The value of the
half share of the property in trust is disregarded for the purpose of financial assessment by the Local Authority.
If you have children from a previous relationship, the trust can be used to ring fence a set share of their inheritance. It also protects your half share of your property if the survivor ever remarried after your death or changed their Will. The trust is not able to be changed after the first death.
There are no adverse Inheritance tax
implications. Anything left to a spouse or civil partner is usually covered by the spousal exemption, meaning there is normally no inheritance tax to pay on the first death.In many cases, any unused inheritance tax allowances, including the Residence Nil Rate Band (RNRB), can also be passed on to the surviving spouse or civil partner. This can significantly increase the amount that can be left to children or grandchildren free from inheritance tax.
We provide a fixed-fee personal service in our Porthcawl office, by video consultation or home visits on request.
We pride ourselves on getting to know our clients in a relaxed environment as we believe there is a wider conversation that needs to be had surrounding a Will to ensure accurate and correct advice is given.
After the initial instructions are given, we provide you with a draft Will for you to review in your own time and for any changes you wish to make.
Once you are happy with the draft, a second appointment is arranged for you to sign the final version in the presence of two witnesses that we provide.
