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Assurewills Limited

will writing - estate planning - probate

tele:             01223 967477

e-mail:      [email protected]

Protecting your family home and other assets - The Home Protection Trust

We offer specialist advice on property protection and a very competitive fee structure.

For many of our clients concerns over the potential loss of their property assets are very significant. This is an area of estate planning where the right advice is essential - we have a wealth of knowledge in this area, and pride ourselves on offering the best advice, a professional service and very competitive fees.

A Potential Solution - The use of a Home Protection Trust

In simple terms this is a Trust established for an individual or a couple during their lifetime. The property is transferred into the Trust and is held jointly by the Trustees (usually your children or other family members who you trust and have personally selected), with again your children or other family members named as the Trust beneficiaries. This type of Trust can provide various benefits depending upon your circumstances. These will be discussed and clearly explained by our planning consultant.

The important features of the Home Protection Trust are:

  • The former owner has a guaranteed right of residence in the property for the remainder of his or her life. The Trustees, usually the children, cannot evict the former owner in any circumstances.
  • The former owner has the ability to direct the Trustees to sell the property and to buy a new property of the former owner’s choice. The former owner therefore has no restriction on moving home or trading down (downsizing).
  • If the property is sold, for whatever reason, and a new property is not bought, usually as the former owner is entering care, then the proceeds of the sale will be invested within the Trust and the former owner will receive the interest or income earned on the invested capital, which can then be use to help fund their care costs.
  • On the death of the former owner (or the second of two former owners), but not before, the property, or its proceeds of sale, passes to the chosen beneficiaries as set out in the Trust deed; the Trust at that point operates similarly to a Will.
  • The key point to emphasise is that on a day to day basis nothing has really changed – but with the property held securely by the Trustees you have the peace of mind in knowing that you have done what you can to protect the property assets for your loved ones.

By having a Home Protection Trust established now you can effectively have a protective wrapper placed around assets such as your family home, thereby ‘ring fencing’ them for your children and other nominated beneficiaries.

Potential Benefits:

  • By having the property held in Trust you can significantly reduce potential probate fees and speed up considerably the probate process – with the property not forming part of your estate for probate purposes professional probate administration fees can be significantly reduced, potentially saving your estate thousands of pounds (although it may be used to calculate inheritance tax if due upon your estate). The property can also be sold without your representatives having to await grant of probate. For many these probate benefits can prove to be the main reason for establishing the Trust.
  • Reduces the likelihood of estate claims from disgruntled family members.
  • Avoids ‘sideways inheritance’, and protects assets for your nominated beneficiaries.
  • Can prove beneficial by ‘ring fencing’ assets from potential bankruptcy issues.
  • Trust assets can be held for individuals who cannot hold them for themselves – for example minor children or disabled persons.

Although not all of the above reasons will apply to every individual, the impact of just one or two of them can be significant, and make the use of a Home Protection Trust very attractive in their own right.

In Summary:

It is possible to provide protection for your family home, but good, understandable professional advice is essential.

If you would like to know more about a Home Protection Trust or would like to request an information brochure please contact us by telephone or e-mail, or by using the enquiry form below. Having all the facts and the right advice is essential with this type of planning, and we will be happy to discuss your situation and the best way to proceed.

With this form of asset protection charges can vary greatly. We pride ourselves on being one of the most competitively priced providers for this type of service. We will be happy to provide a personalised fee quote for the services you require, and explain clearly what is involved.

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Member ref: CL65120110/09

Registered company 704760