Property and Trust Advice Solicitors
Crompton Halliwell have a specialist team of solicitors to deal with advising the elderly regarding their affairs and especially in preservation of assets for future events particularly if you become infirm or lose capacity. One of the best ways to secure your home is to create a Trust. This Trust is set up firstly by yourself or both (husband and wife) and then your family.
It is called a Family Life Interest Trust. The main benefits of this Trust are:-
- This is an interest in possession Trust and not a discretionary Trust. This means that the Trustees have to use the Trust asset for you to the exclusion of anybody else.
- You retain an interest in possession or a life interest in the asset or the house at all times.
- The beneficiaries of the Trust are yourself and your children.
- The Trust lasts during your life or joint lives.
- You retain possession or a life interest irrespective of your circumstances or where you are be it in a warden controlled flat or in residential care.
- The Trust appoints two Trustees who are usually your family.
- The house or asset is transferred to the Trustees subject to the terms of the Trust i.e. subject to your interest in possession and subject to your life interest.
- The Trust is maintained by the Trustees but it is not their property, they only mind it for you during your lifetime.
- Any income from the Trust is paid to you.
- It is perfectly safe and secure for you. You retain rights of possession throughout the term of the Trust.
- You should be reasonably fit and well.
- The Trust asset remains in tact until the Trust comes to an end when you die and then it will pass to your family through your Will.
- The house should be in your name or joint names and free of mortgage.
Putting your assets into a Trust is a major event in your life and advice should be taken before any decisions are made.
Please email Ian Gaunt directly for any enquiries that you have.