POA and House in Trust

neveragain

My parents have recently received advice from a company who have suggested putting their property in the name of a trust which consists of them and myself and brother. They are also advising them on setting up Powers of attorneys for all matters - this stems from my Nanna recently passing and nothing being in place.

The idea is should either my brother or myself get divorced, remarried etc it ring fences the property and anything we would inherit from our parents for us and from any other party including if parents divorced/died and remarried.

I've never heard of this before and wanted to ask if anyone has used this and is it legal? Who runs the trust the house will be held in?
I have a few alarm bells ringing and want to make sure they arent being stitched up. I've had new forms back from the Office of Public Guardian for the power of attorneys are they werent right - this is the second time as the company cant seem to spell my surname right.

Before I sign and return i wanted to check my parents and us arent being led into some sort of scam!

pollypenny

Take advice from a solicitor, preferably one recommended locally.

Margot123

As above, seek proper, paid-for professional advice from a solicitor independent of the company that is making these recommendations.

You may find it a much more simple process done via a solicitor who would assist you impartially and charge a flat fee.

Brynsam

For background reading, see https://www.moneyadviceservice.org.uk/en/articles/using-a-trust-to-cut-your-inheritance-tax

Yorkshireman99

neveragain wrote: »

My parents have recently received advice from a company who have suggested putting their property in the name of a trust which consists of them and myself and brother. They are also advising them on setting up Powers of attorneys for all matters - this stems from my Nanna recently passing and nothing being in place.

The idea is should either my brother or myself get divorced, remarried etc it ring fences the property and anything we would inherit from our parents for us and from any other party including if parents divorced/died and remarried.

I've never heard of this before and wanted to ask if anyone has used this and is it legal? Who runs the trust the house will be held in?
I have a few alarm bells ringing and want to make sure they arent being stitched up. I've had new forms back from the Office of Public Guardian for the power of attorneys are they werent right - this is the second time as the company cant seem to spell my surname right.

Before I sign and return i wanted to check my parents and us arent being led into some sort of scam!

Not with a barge pole comes to mind. These comanies charge a fat fee with no guarantee that the scheme will work. Your parent should consult a solicitor who is a STEP member

Marcon

Yorkshireman99 wrote: »

Not with a barge pole comes to mind. These comanies charge a fat fee with no guarantee that the schem ewill work. Your parent should consult a solicitor who is a STEP member

Maybe OP should check if the company concerned is a STEP member: https://www.step.org/for-the-public

OP, it would be helpful if you could name the firm concerned.

Keep_pedalling

Marcon wrote: »

Maybe OP should check if the company concerned is a STEP member: https://www.step.org/for-the-public

OP, it would be helpful if you could name the firm concerned.

Highly unlikely, and I bet one of the big selling points is avoidance of care fees.
Giving you main asset away or putting it into a trust is nearly always a stupid thing to do.

splitnotes

DOn't do it.

There was a recent programme on moneybox R4, available on catch up radio, showing how people had suffered. Badly.
Trustees must be people you trust, under all conceivable circumstances, and are rarely a good idea and never some company selling you somehting.

Mojisola

neveragain wrote: »

My parents have recently received advice from a company who have suggested putting their property in the name of a trust

Before I sign and return i wanted to check my parents and us arent being led into some sort of scam!

Your parents will be charge thousands for something that will cause more problems than it solves - suggest that they don't do it.

Mojisola

neveragain wrote: »

They are also advising them on setting up Powers of attorneys for all matters

This is good advice - for you as well as your parents - but you can get the forms and do it yourselves.

pinklady21

It is not called Universal Health Planning is it??

Here is the link to the BBC Radio 4 Moneybox programme referenced above. It is the first item.
https://www.bbc.co.uk/programmes/b0b1hww2

Inheritance planning - Company has featured on a number of programmes since then. The company sets itself up as a trustee for property ie people's homes as an idea to try and avoid the home having to be sold to pay care home fees. The firm has gone bust, but now former employees are calling customers offering help to get their houses back......
Definitely a scam.

Here is another newspaper article on a related story:
https://www.telegraph.co.uk/finance/personalfinance/insurance/longtermcare/10117822/Warning-over-care-home-trust-schemes-that-promise-to-protect-your-property.html

Best of luck!