Property Protection Trusts
‘60,000 homes are sold each year to pay for care’
For many couples, their family home isn’t just the most valuable asset they own in terms of finances, it is a trove of memories, ensuring it is protected and transitions properly to the next generation, especially in the context of long-term care or unforeseen circumstances, is vitally important.
Current rules are; ‘if’ after a financial assessment is conducted an individual who needs care has over£23,250in assets then self-funding applies.
This means your assets, be that savings or the value of your home is used to pay for your care until your assets have been depleted to £23,250 only then may the state assist with funding to pay for your care.
‘60,000 homes are sold each year to pay for care’
What is a Property Protection Trust?
A Property Protection Trust is written into your Will. Its main benefit is it safeguards the family property for your children, especially in the context of long-term care fees. Whilst also allowing you to preserve your share of your property for your children to inherit should your spouse re-marry once you’re gone.
Specifically for joint homeowners this Trust enables the surviving co-owner to live in the property for the rest of their lives but ensures that the share of the property belonging to the first co-owner to die is preserved for their children. Protecting their inheritance should the surviving spouse re-marry or need to enter care in the future.
Who should consider using a Protective Property Trust?
A Trust would be a great investment for you it:
You want to ensure that your children inherit your portion of the property after you die.
You wish to protect your home from the cost of future unforeseen care home fees.
You aim to safeguard your children’s inheritance in the event of your partner re-marrying.
This Trust also offers a practical solution to the problems faced by blended families, where one or both of the couple have children from previous relationships. Each partner can make their own children the beneficiaries of their share.
What is the cost of a Property Protection Cost?
Included within this cost is two Wills which include the Property Protection Trusts £699.
