Savings Protecting Trusts

mortine

Hello,

Based in Scotland.

During the course of setting up a will, my parents have been advised to set up some sort of trust to protect their savings. Their total assets will be less than the limit for Inheritance Tax. However, they have been warned that should any of them require local authority care, their money will most likely be used to pay for this.

Setting up the trust is quite an expensive move and they haven't been given any in depth information to describe what the trust is, what happens to your existing bank accounts, is interest still payable etc.

On the face of it, a trust to help avoid potentailly losing your savings sounds good but I'd like to look into it further to advise them. I've searched the internet but can find no information specifically referring to this situation.

Can anyone point me in the right direction for some full information or at least confirm that this is legally correct.

Thanks for any help.