Did you know that a Property Protection Trust can be used to reduce potential care costs in the future? This is because any property, or share in a property, held within the trust cannot be counted as part of your estate when the local authority begins to calculate care home fees.
However, if this is something you are considering, it is important that this is not the sole reason for you setting up the trust. This is called ‘deprivation of assets’ and will lead to the local authority assessing assets held within the trust regardless.
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If safeguarding your property from any eventuality down the line is a top-priority, a Property Protection Trust could be perfect for you. Click below to get in touch.
How to Set up a Trust to Protect Property
A Property Protection Trust is a vital tool in protecting your estate from financial commitments later in life. This type of trust may only be created with both partners alive — other methods of estate planning should be considered if this is not the case. From initial research, to the creation of documentation, and asset transfer, instructing a specialist is vital.
The process of creating a Property Protection Trust should include the following:
Do The Research
As with all forms of estate planning, it is important that you conduct appropriate research. When it comes to protecting your assets and ensuring that they, and your loved ones, are protected against any eventuality, it is vital that you consider all of your options.
While a Property Protection Trust can be a great way to protect your assets from future financial commitments, you need to be careful to avoid being found guilty of deprivation of assets. An experienced consultant should be perfectly placed to offer their opinion and weigh up all of your available options to help you land on the ideal estate plan for your circumstances.
Create the Document
If you have experienced support behind you, creating your Property Protection Trust should be smooth sailing. The most important aspects of your Property Protection Trust documentation should be detailing the specifics of your trust, including who your trustee(s) are, and who the ultimate beneficiaries of each share in the property will be (this is traditionally the surviving children of the deceased).
Officially Transfer Your Assets
The actual act of transferring your estate into a Property Protection Trust is arguably the most important part in the process, so it is imperative that you get it right. Having a highly-skilled expert in your corner can ensure that no mistakes are made in the process.
Remain in the Property
Once the trust has been created, and your home is entered into it, under the terms of your Property Protection Trust, you have the right to remain living in the property. Once either spouse dies, the surviving partner is able to remain in the home for the remainder of their life, or as long as they can stay in the property.
Upon the death of the remaining spouse, the trust officially comes to a close and the property will, in its entirety, enter into the possession of the beneficiaries.
Get Started on Your Trust Today
Are you considering the future of your estate? If you’re taking stock and wondering how you can best protect both your assets and your loved ones, get in touch with a consultant to learn more about how a bespoke trust can help you.
Asset Protection Trusts
Protect your estate against any future eventualities. No matter what happens to your finances in the future, an asset protection trust can ensure that your estate is safe from any parties who may want to access it against your wishes.
Specifically designed to ensure that you can maximise the inheritance of your loved ones — to enhance the value of your estate. This type of trust is designed to afford you more control over your estate and the assets within.
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How Does a Property Protection Trust Work?
Property protection trusts allow you to safeguard your property/estate for future generations, while allowing for your spouse to continue to benefit from your estate without actually having complete ownership over it. Upon the surviving spouse’s death (or them entering into full-time care), the property, or your share in the property, will then pass on to your beneficiary.
How Much Does a Property Protection Trust Cost?
The price of a Property Protection Trust is based on your wishes, and the size and complication of your estate. Therefore, it’s impossible to be certain how much your Property Protection Trust will cost. It is recommended that you get in touch with a specialist consultant to learn more about the best solutions available for both your needs and budget.
Just Wills & Legal Services’ team of consultants are on hand to discuss your wishes with you at your convenience, before advising you accordingly on the best steps going forward.
When Should I Make a Property Protection Trust?
You should consider estate planning such as creating a Property Protection Trust, as soon as possible once you own property for yourself. However, to avoid deprivation of assets investigations from your local authority, it is important that your trust is in place a good-amount of time prior to your death/entering into care.