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  1. #1

    Lifetime trusts and wills

    Apologies if this is in the wrong place - please move/advise if so


    I am looking to set up a property lifetime trust, a mirror will and a disabled discretionary trust.

    Was wondering if anyone can explain the differences between using solicitors and a firm of paralegals?

    Any other suggestions/info much appreciated

  2. #2
    In your position, I would look to instructing a solicitor who was a member of STEP.

    https://www.step.org/member-directory

    https://www.which.co.uk/money/wills-...s-aqmf66w4nu5w

    Lifetime trusts are often known as property protection trusts or asset protection trusts.

    Unlike will trusts, which come into being on death, lifetime trusts are established straight away. Your home is gifted to the trust, which allows you to carry on living in it. The rationale is that if you need residential care at some point in the future, you no longer own a house and can only be assessed on minimal assets.

    Anyone considering setting up a lifetime trust for this reason should be aware that a local authority may regard this arrangement as 'deliberate deprivation of assets'. If this is the case, they can assess you as if you still owned the property (and refuse to fund your care).

  3. #3
    Thanks, some interesting facts - which where not explained to me before. Thought it sounded to good to be true , otherwise everyone would do it

  4. #4
    Some of us think that leaving it to a LA to decide where we cared for in our most vulnerable years is very bad place to be in, so I would advise you not to listen to anyone wanting to charge you big fat fees to put you in that position.

  5. #5
    Special rules apply for a trust set up for a disabled person.

    I would have thought the local authority care rules would be different ?


 

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