Should I Put My Home in Trust?
Putting you home in trust in the right way can be an excellent idea. However, the advice around doing so is critical. Creating the deed to put your property into a protective trust is part of the story. Any firm who can afford to shell out a few hundred pounds on books and a few years training can have the technical ability to create such a trust (though some who do don’t have the legal right to do so – always ask for confirmation in writing.) In theory, anyway, it is easy! But life just is not like that and the Law restricts the right to create Trust deeds for good reason. We have an in house solicitor/ s206 tax barrister to look closely at ours to ensure they are technically robust ways of putting your home in trust.
So that is part one of the story.
Part two of getting together the skills needed to put you home in trust is to understand the environment your Home Protection Trust will have to deal with. One firm who have been very big players in this arena got it completely wrong (at least, that is our view – they clearly thing differently. We are by nature cautious. They were advertising a scheme to put your home in trust with the specific intention of avoiding care fees. Their plan gained wide TV exposure, all of it negative, for their way of putting you property into trust.
That won’t work in many cases, as it is classed as deliberate deprivation of capital. Yet had this firm decided to promote the broader benefits of putting your home in trust, their clients would have been far better served.
- Putting your property into a Home Protection Plan can create a resource which will benefit future generations of your family, for up to 125 years. And it gets better: we’ll tell you more if you contact us.
- A home in trust does not need to go through the slow and expensive process of probate when someone dies. Nor does anything else in the trust.
- Your children and grand childrens’ inheritance can be protected with your home in trust. Let’s say your other half remarries and the new person wants to leave the home in trust to their children – they can’t. Your family trust owns the home, and the trustees as a whole, not just your widow or widower, so your children can stop any such move. If you had not put your home in trust, the new spouse would probably inherit the house and pass it on to their new family. So your blood relatives could lose out completely.
- We could go on, but why don’t you just have a look at our informative leaflet about putting your home into a Home Protection Plan?