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 home in trust in the UK. Such a Trust can help in the following and other areas:
- Keeping the value of your home (at least) in the family bloodline.
- Avoiding losing family wealth to the unstable relationships of your children and grandchildren.
- Putting your home into trust (along with other assets) is like creating a family bank. This can help and protect many generations of your family.
- Should you go into care, potentially having your house in trust may enable your family to preserve the value of your home. But creating a trust specifically for that reason will not be effective in our opinion. Indeed, it should only be an accidental side effect. You and the trustees 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 into a Home Protection Plan. 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 home into a trust. You would be right. It costs the equivalent of between 2 and 6 weeks care fees in most areas. Forgive the comparison, as we are very clear that you cannot set up such a trust with the intention of avoiding care fees. We have only scratched the surface of reason to do so here. A further benefit is:
- 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?