What is a Property Protection Trust?

evergreen

Can anyone explain what a property protection trust is and what the benefits are? Thanks.

Gers

evergreen wrote: »

Can anyone explain what a property protection trust is and what the benefits are? Thanks.

There's loads of hits if you search the interenet - for instance:

https://www.wrighthassall.co.uk/knowledge/legal-guides/2012/11/14/guide-property-protection-trust-will/

And you may fare better with responses in the House Buying, Renting and selling board as there are many experts there.

Mojisola

evergreen wrote: »

Can anyone explain what a property protection trust is and what the benefits are? Thanks.

It's particularly promoted by will writing companies who will charge large sums of money for setting it up.

Savvy_Sue

FreddieM wrote: »

It's a sensible way to ensure that your spouse is not evicted should you go into care........

Really? Sounds like scaremongering to me. Age UK would not agree with you.

Age UK factsheet 39 (amended June 2016, August 2016)
April 2016
Paying for care in a care home if you have a partner

Page 6 of 18
Jointly owned property is disregarded from the financial assessment for as long as your partner remains living in it after you have moved into residential care.

So why would your partner be evicted?

Mojisola

FreddieM wrote: »

That's not strictly true..... In fact not true at all. It's a sensible way to ensure that your spouse is not evicted should you go into care........

A spouse cannot be evicted from the family home if their husband/wife goes into residential care because the value of the home is completely disregarded in the financial settlement.

Biggles

FreddieM wrote: »

It's a sensible way to ensure that your spouse is not evicted should you go into care........

It isn't that at all - it only takes effect after one of you die. It is then a way of leaving your half in trust for your children so that, if the survivor goes into care, only their remaining half can be used to be assessed as available capital.

Personally, I'd rather own the whole house myself and be able to choose my own care home, rather than wriggle around to make the council pay and have to go wherever they say.

Mojisola

FreddieM wrote: »

The local authority financial assessment


[FONT=Arial,Arial][FONT=Arial,Arial]If you are in a couple and one of you needs to go into a care home,it is important that you are aware of how the local authority financial assessment (‘[/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]means test[/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]’) rules work. You also need to knowwhether you should make new claimsfor benefits in your own rightafter one of you has permanently entered a care home. [/FONT][/FONT][FONT=Arial,Arial] [FONT=Arial,Arial]

If you or your partner need to move into a care home with local authority assistance,you are likely to have to pay at least something towards the cost of this from your own capital and/or income.

To obtain financial support from the local authority, they first assess your needs, then agree that you require permanent residential care and confirm you meet the national eligibility criteria. They must document how they are going to meet your needs in a care and support plan. [/FONT]

[/FONT][FONT=Arial,Arial][FONT=Arial,Arial]After this,they will carry out a financial assessment, (the"[/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]means test[/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]") to see whether you need to contribute towardsfundingthe placement. For further information onassessment, eligibility and care and support planningseefactsheet 90, [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]Introduction to the Care Act 2014.[/FONT][/FONT]

Lovely quote in lovely big writing - what was the point of it?

Savvy_Sue

FreddieM wrote: »

http://www.thisismoney.co.uk/money/experts/article-2181497/How-navigate-care-fees-maze-long-term-care-questions-answered.html

Please read Freddie's link and it will become clear that he is scaremongering when he suggests that a couple will have to sell their home if ONE of them needs residential care.

The financial assessment which he quoted in such detail also applies TO THE PERSON REQUIRING CARE. It does not include shared assets, eg a house in which a partner is still living.

Mojisola

Savvy_Sue wrote: »

Please read Freddie's link and it will become clear that he is scaremongering when he suggests that a couple will have to sell their home if ONE of them needs residential care.

The financial assessment which he quoted in such detail also applies TO THE PERSON REQUIRING CARE. It does not include shared assets, eg a house in which a partner is still living.

This has been explained to him on other threads but he keeps on answering queries with these untruthful/mistaken replies.