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Protect Your Family & Property
There are some whose cost per annum is as high as £55,000 and if you fail to pay the Council can seize your assets, including your home, to pay for your care.
Losing a home you hoped to have your children inherit can be very devastating. If you don’t want to lose your home or any other property Cambridgeshire to pay for your care in old age you should consider putting your home in a property protection trust.
To put your property (home) in a property protection trust you both (you and your partner) need to own it. Changes in ownership are then made so that each of you owns half of the home.
Both of you then indicate in a special Last Will that after the death
of either of you the remaining partner has a right to reside in both halves of the home until they too die.
Upon the first death, a special Protective Property Trust takes over the half belonging to the deceased. However, as the Last Will stipulates, the remaining partner/spouse continues living in the whole home until they too die.
Thereafter, the home is passed to their children (or any other beneficiary) as inheritance.
Property Protection Trusts offer many benefits to parents.
Protection against care fees: As long as both of you won’t need long-term care simultaneously, having your property in a protective trust ensures that it cannot be seized by the Council to pay for care costs should the remaining spouse fail to pay them.
Prevent disinheritance of children: If you leave your property to your spouse there is no guarantee that they will, in turn, leave it to your children when they die. This is especially the case when you are leaving them with their step-children. By putting your property in a protective trust you guarantee that while they may use while still alive when they die the property will go to the intended beneficiary (children).