Creating a Trust

maman

PierremontQuaker03 said:

Hi, both my parents are in their 70's and own there house which is worth around 250k.
I have one brother and one sister.
Obviously my main concern is that at some point they go into a home or require care and the Government will want the house.
What is the best way, as it stands to avoid this. Speaking to someone at work, they said the best way of removing them as owners of the house is to put it into a trust, which myself my brother and my sister can be trustees.  Is this the right way of doing it?
I want to be 100% certain of what the best way forward is before approaching this difficult conversation with my parents.
Thanks for any comments.

PierremontQuaker03 said:

JGB1955 said:

Is there a reason why your parents think they should't pay for their own care?  If they become tenants in common rather than joint tenants, 50% of the property will be safe from the scenario they are trying to avoid.

maybe because they have worked their whole lives and want to leave their money it to their children, rather than the greedy care home owners ??

I have read OP's posts @SevenOfNine and it seems obvious to me that avoiding paying for care is exactly what they're trying to achieve. 

Keep_pedalling

maman said:

PierremontQuaker03 said:

Hi, both my parents are in their 70's and own there house which is worth around 250k.
I have one brother and one sister.
Obviously my main concern is that at some point they go into a home or require care and the Government will want the house.
What is the best way, as it stands to avoid this. Speaking to someone at work, they said the best way of removing them as owners of the house is to put it into a trust, which myself my brother and my sister can be trustees.  Is this the right way of doing it?
I want to be 100% certain of what the best way forward is before approaching this difficult conversation with my parents.
Thanks for any comments.

PierremontQuaker03 said:

JGB1955 said:

Is there a reason why your parents think they should't pay for their own care?  If they become tenants in common rather than joint tenants, 50% of the property will be safe from the scenario they are trying to avoid.

maybe because they have worked their whole lives and want to leave their money it to their children, rather than the greedy care home owners ??

I have read OP's posts @SevenOfNine and it seems obvious to me that avoiding paying for care is exactly what they're trying to achieve. 

And it is also clear that it is the concern of the OP rather than the parents who he is quite happy to see go into Over my Dead Body Grange care home rather than loose an unearned inheritance.