Putting you house in trust in the UK can be a great way of making your estate planning as efficient as possible. Most of the benefits however are for your family, not for you. But even you could benefit very substantially.
Some of the benefits: of putting your house in trust in the UK:
- It can help keep the value of your home (at least) in the family.
- Avoid losing family wealth to the unstable relationships of your children and grandchildren.
- Putting your house in trust (along with other assets) is like creating a family bank, which can help and protect many generations of your family.
- Should you go into care, potentially having your house in trust will enable your family to preserve the value of your home. You and they can then use that asset to improve your quality of life whilst you are in care. Many people just run out of money after the Local Authority force the sale of house to pay care fees. This won’t work if you leave it too late or if it is obviously the reason for putting your house in trust. We could go on, but why don’t you just have a look at our informative leaflet about putting your house in trust?
- You may think that is costs a fair bit to put your house in trust. You would be right. It costs the equivalent of between 2 and 6 weeks care fees in most areas. But:
- A house in trust is NOT required to go through the long and expensive process of probate when either of you die. With the average cost of probate being around 3% of the value of your estate, the cost of probate on a house worth as little as £70,000 could cost more in probate fees. So if your house is worth much more than that, your family are almost guaranteed to profit from your investment in a Legacy Protection Plan to put your house in trust.
Why not ask for our leaflet, at least to review the possibility of putting your home in trust for the benefit of your family and maybe yourself?