Protective Will Property Trusts in London and Essex
Most people assume that their assets will pass on to their children or other relatives in due course, yet this may not always be the case, unless careful arrangements have been made to protect these assets.
As it stands anyone with assets in excess of £23,250*(which includes the family home) may not be eligible for any state help with their residential care fees. The result is that anyone who owns their own home is unlikely to receive any assistance, and in fact will most likely have to sell their home at some point in order to finance the care they need. House prices in London and the outskirts of London have risen year after year. Rightmove.co.uk have stated that:
"Last year most property sales in London involved flats which sold for on average £462,211. Terraced properties sold for an average price of £597,490, while semi-detached properties fetched £575,130.
London, with an overall average price of £539,018 was more expensive than nearby South East (£341,729), East of England (£279,783) and East Midlands (£179,912). The priciest area within London was Central London (£1,353,719) and the least expensive was East London (£377,769).
During the last year, sold prices in London were 4% up on the previous year and 24% up on 2012 when the average house price was £434,696."
Source relevant as of 9/11/2015
A person may require residential care and may wish for a local authority to assist in contributing towards their weekly care home fees, however, they must disclose to the local authority their financial affairs.
A local authority may treat a person as possessing the home, or an interest in the home, if it can be shown that the owner deliberately deprived themselves of the home for the purposes of decreasing the amount that they may be liable to pay for their care accommodation, i.e. the local authority can still treat the person as owning the home and can financially assess the person accordingly.
Our Protective Will Property Trust could help to protect your estate. A Protective Will Property Trust can only be created whilst both partners remain alive. Normally with couples the property is divided 50/50, though these percentages can be different. Upon the first death, their share of the property is placed into the Trust to be administered by the Trustees. Our Protective Will Property Trust also specifies who is to be the ultimate beneficiary of this share in the property and this would normally be the surviving children of the deceased. The surviving partner, under the terms of the Trust, has the right to remain living in the property for the rest of their life. On the death of the second partner the Trust comes to an end and the property passes absolutely to the beneficiaries. The surviving partner does not own the deceased share of the property.
In London and Essex we have two teams of consultants headed by the brilliant and vastly experienced Field Director Roger Galloway and Consultant Salim Hashamy, see below on how to contact us for a free consultation.
Our trained consultants can discuss your current circumstances and recommend the products that will provide the correct protection for you, your family and your assets. For peace of mind contact The Will Associates today and Get your free information pack or call us on 0800 9500 700 to arrange a free appointment with one of our trained consultants, at a time convenient to you and your family in the comfort of your own home.