There are many things to plan for in life, but those further in the future often get pushed aside. There’s one factor, however, that is important to plan for as soon as you can.
While life’s everyday tasks might be easy now, circumstances can change. And though friends and family can help, some care and assistance is only available in a care home with dedicated staff.
But if you do find yourself moving to a care home in later life, your financial assets could be at risk of being lost to cover any fees, which currently average more than £60,000 per year.
If you have capital assets worth £29,750 or more, you are required to meet your own care costs in full, meaning if you go into care and your pension and savings do not sufficiently cover the cost of fees, the local authority could take your home.
Whilst it is illegal to deliberately stop the local authority from taking money to pay for care home fees, there are legitimate options available to help protect yourself and your assets, such as setting up a trust.
A trust can be a great way to manage and preserve your financial assets, including the family home – especially in the event of moving into a care home during your later years.
A trust arrangement distinguishes the property owner from the person who gets the benefit of the trust property. Essentially, the original owner becomes a ‘trustee’; they hold legal ownership and control over the asset, protecting it from being touched.
There are many different types of trust, from asset protection trusts (APT) and family protection trusts (FPT) to protected property trusts (PPT).
To find out which type of trust would suit you best, getting the correct advice is essential.
Thankfully, estate planning firm ILAWS Scotland offers no-obligation, free-of-charge consultation appointments to discuss your needs and objectives, and prepare the correct proposal for you – whether as an individual, couple, or family.
With over 30 years of experience and a rating of 4.7 stars on Trustpilot*, ILAWS Scotland always aims to prioritise the customer experience to make estate planning as easy, convenient, and reassuring as possible.
With a ‘no drama’, ‘no jargon’ approach, the firm works to ensure that every process progresses smoothly and that everything is explained clearly along the way.
Whether at the office, in the comfort of your own home, or through an easy video call, ILAWS Scotland’s experienced and friendly team can talk you through your options, help you start a trust, and guide you throughout the process.
This includes understanding your family situation and wishes, and working out all of the necessary costs, the value of your home, and the Proprietorship Section of your Title Deeds.
Tony Marchi at ILAWS Scotland said: “There is no one-size-fits-all solution, but we can offer options – such as a trust – to prevent the sale of the house. Even if you have a mortgage with the house or equity release, you can still protect your home.
“There are some things in life that we just need to do, like having car or home insurance. It gives us peace of mind, as we know that if anything were to happen, we would be covered.
“When it comes to trusts, the cost varies from property to property, depending upon value and individual circumstances. But it is much less expensive than most people think.”
To find out more, visitwww.ilawsscotland.co.uk.
*Correct at the time of publication.