What is Deprivation of Assets?
Deprivation of assets - Many people will question whether it's possible to give away their assets to ensure that they can qualify for state support. This practice has happened in the past and it is the reason why the government has been prompted to conduct a strict Means Test to anyone they deem an applicant. This is known as a deprivation of assets, and it can cause a whole host of problems.
Here are the most common methods of asset deprivation:
- Deliberately giving away the family home
- Giving Money away
- Excessive spending
If you gave away your family home
, it could cause a series of other problems too. For example, if you gave your home to your children and carried on living there, and they were declared bankrupt or divorced, they might have to sell the property, potentially making you homeless. Also, it is very important to note that even if you have gifted your home away, there has been cases where the house has still been Means Tested
, and the home has had to be sold, to pay for ongoing care fees.
Giving away money can also be deemed as Deprivation of Assets. This could show that you have purposely given gifts of money to somebody, in an attempt to not pay for care fees.
Excessive spending is another classic way of being exposed for Deprivation of Assets. Much like giving away money, intentional or erratic spending can also regard you with intentional Asset Deprivation.
For any additional information contact The Will Associates
today by calling us on 0800 8477 212
today to arrange a free, no-obligation consultation at a time convenient to you nd your loved ones, in the comfort of your own home.