Property is never just about walls and floors. Property can be one of the most important things we own and protecting it for our family can be of critical importance to us.
You may wish to make provision for your spouse or partner but also ensure that after their death or when they can no longer live there the property passes to your children.
What we do
Families today can be very complex: like many of our clients, you may well have been married more than once and have children, step-children and grandchildren. We can help and support you when you are planning for their future.
Setting up a Trust
Making provision for your children during your lifetime needs careful consideration. Assets need to be protected against the premature death or divorce or bankruptcy of the child.
Many parents are looking for ways to help children get onto the property ladder without transferring large capital sums to them outright.
Using a trust to regulate the ownership of a property can be tax efficient and a relatively cheap arrangement.
We listen carefully to what you want to achieve and advise you on how best to do so: it’s our job to help you choose the right arrangement for you and ensure that the intentions you express will work on a practical and a legal level.
Property in Joint Ownership
Whenever a property is owned by two or more people it is advisable to set out the terms on which they hold the property.
There may be an agreement not to sell unless certain conditions are met. Ownership may be in un-equal shares or the shares may be affected by one owner improving the property. It may be necessary to protect the interests of an adult occupier.
Different forms of ownership will affect how the property is dealt with if either owner dies or the owners separate or the property has to be sold.
We can prepare a Home Ownership Agreement which reflects your intentions and regulates how the property is owned giving security and peace of mind to all owners and occupiers.
Care Home and Care Fees Statistics show that 1 in 4 women and 1 in 6 men over the age of 65 will require residential care costing between £30,000 and £50,000 a year.
Anyone who has assets over £14,250* must contribute towards their own care home fees. If your assets are worth more than £23,500* you’ll be liable to cover all the costs. This includes your family home.
Many elderly people lose their homes each year to cover the cost of long term care. It is illegal to deliberately deprive yourself of assets to avoid potential liability for care home fees. However, it is entirely legitimate to take steps to protect assets which will pass on your death and to create Family Trusts where good consideration is given and there are strong reasons for setting up a Trust in your lifetime.
It is necessary to ensure that family benefit is the overriding reason to set up the Trust.
*Correct at June 2017