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Nil rate trust and Property Life Trust
agsearle
Posts: 1 Newbie
Last year my wife and I went to a local will writing company.
Although we came away with a will each, we also had been persuaded to get Discretionary Nil Rate Trusts and Protective Property Life Interest Trusts. These we had been advised would prevent the government from taking our assets to pay for care in later life. But recently we have read that these can be overturned if our intention was to avoid paying for our care with our assets?
We have no children and are now concerned that this was a waste of time and money, and perhaps a case of mis-selling?
Any thoughts on what we should do now?
Although we came away with a will each, we also had been persuaded to get Discretionary Nil Rate Trusts and Protective Property Life Interest Trusts. These we had been advised would prevent the government from taking our assets to pay for care in later life. But recently we have read that these can be overturned if our intention was to avoid paying for our care with our assets?
We have no children and are now concerned that this was a waste of time and money, and perhaps a case of mis-selling?
Any thoughts on what we should do now?
0
Comments
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You were conned! Go and see a real solicitor for advice. He may be able to get some of what you paid refunded and also draw up new wills for you.Last year my wife and I went to a local will writing company.
Although we came away with a will each, we also had been persuaded to get Discretionary Nil Rate Trusts and Protective Property Life Interest Trusts. These we had been advised would prevent the government from taking our assets to pay for care in later life. But recently we have read that these can be overturned if our intention was to avoid paying for our care with our assets?
We have no children and are now concerned that this was a waste of time and money, and perhaps a case of mis-selling?
Any thoughts on what we should do now?0 -
There might be some point to the life interest trusts. Can't see any reason why a nil rate band trust would be necessary these days.
I agree with Yorkshireman, go get some proper advice from a lawyer. Will writers are often not qualified and more interested in selling you complex wills so they can charge a lot more.:heartpuls Daughter born January 2012 :heartpuls Son born February 2014 :heartpuls
Slimming World ~ trying to get back on the wagon...0 -
IMHO will writers are never qualified!0
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I think the real reason they sold you what they did was to get some nice fat fees. Nil rate trusts are obsolete, and if you actually had children they would be detrimental to you being able to transfer your primary residence nil rate bands.
Considering the current state of LA finances, I would not prioritise your beneficiaries over your ability to fund your own care either.0
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