Property in Trust, will states give all to individual person? Trying to do probate myself

boots174

I have been advised that my wife and I should set up a Family Probate Trust to protect our assets.
Was this wrong?

TcpnT

I have been advised that my wife and I should set up a Family Probate Trust to protect our assets.
Was this wrong?

You are going to have to provide much more information about the situation and financial circumstances to get any meaningful answer. It would also be better to start a new thread of your own.

pip895

boots174 wrote: »

I have been advised that my wife and I should set up a Family Probate Trust to protect our assets.
Was this wrong?

No one is going to be able to answer without a lot more details about your situation.

In general I am petty anti Trust - My Dad had one set up - It worked (we think) in that he did live 7 years beyond when it was set up but I cant help thinking a straight gift to my sister and I would have been a much better idea - most of the cash would now have been safely sitting in isas instead of in some expensive offshore fund that we have to pay income tax on if we extract any money ..

xylophone

However, as your Father lives elsewhere, there could be a possibility that your Parents gifted the property into a Family Trust earlier on, in which case, you should consult with STEP solicitors.

It appears from the first post that while both parents were living, they gifted the whole of the property into trust.

The OP says that the Land Registry records

On the land registry the property is owned by mum and dad as trustees of the family trust..so it says the following:

Registered Owneres: Name 1, Name 2
as trustees of the Feeney Family Trust.

I think that the parents set up a so called Family Protection Trust.


However, the OP states

with the sole aim of preventing property being sold for care fees.

which immediately makes this a case of "wilful deprivation of assets in order to increase or obtain a means tested benefit"

https://www.carehome.co.uk/news/article.cfm/id/1591631/should-care-fees-home-trust

64jane

I would be really interested to hear how this ended up and if you found out if there were any tax advantages/disadvantages as we face the same problem. many thanks.