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House "IN TRUST" advice please
lesley2terry
Posts: 2 Newbie
This is my first post so I hope it is in the right place.
I have retired. I am not married but live with a partner. I have been advised by a solicitor that it would be beneficial to me to put my house 'IN TRUST' to my only daughter. If I did this, with conditions to my particular requests, and I were to go into full time care the local council would not be able to force sale of my property and the value would not be taken into account when assessing my assets. Is this right.
Any advice would be welcome.
thanks
I have retired. I am not married but live with a partner. I have been advised by a solicitor that it would be beneficial to me to put my house 'IN TRUST' to my only daughter. If I did this, with conditions to my particular requests, and I were to go into full time care the local council would not be able to force sale of my property and the value would not be taken into account when assessing my assets. Is this right.
Any advice would be welcome.
thanks
0
Comments
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Is this right.
yes and no.
If you do it with the express intention to remove the asset from the local authority care means test and the local authority can prove it then they can claw it back into your estate. Of course, that means they have to prove it. Having documentation that shows it was done for another reason (estate planning for IHT avoidence for example) is a way of avoiding any problems. Also, doing it many years before local authority care is known to be needed is required. The minute you know care is going to be required at some point its too late.
Apart from that its fine.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Dunstonh is correct. My husband and i did this a few years ago.
As a married couple we had to first make the transition from joint tenants to tenants in common. You, as you own your own house singly shouldnt have this to do.
regardsmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
anniehanlon, can I ask what rights do you and your husband retain over the property and how does it impact upon your children (for example would it stop them from claiming any means-tested State Benefits?).
(Sorry for the hijack Lesley, should only be a quickie!).(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
I will pm you, details are a bit personalseven-day-weekend wrote: »anniehanlon, can I ask what rights do you and your husband retain over the property and how does it impact upon your children (for example would it stop them from claiming any means-tested State Benefits?).
(Sorry for the hijack Lesley, should only be a quickie!).make the most of it, we are only here for the weekend.
and we will never, ever return.0
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