Get an Asset Trust in Birmingham
You have your will written up, know who you want to give your assets to but one thing you may not have thought about or even know about is that your home could be taken to pay for any care you need in the future. Although the government will cover the cost of care homes for those that become too sick to remain at home, those with assets may have their home sold to cover some or all of it after they die. This can mean that your wishes to pass your assets to loved ones will not be adhered to. One way to avoid this is to get an asset trust in Birmingham with The Will Associates.
When you get an asset trust in Birmingham with The Will Associates your home will go into trust. A trust is a third party that will hold onto it so that the government cannot use it against expenditures at a care home or home care. You can even remain in the home if that is your wish as could your partner so you don’t have the hassle of moving. What it will mean is that as the assets are classed as no longer being your property, but that of your beneficiaries no claim can be made against it.
Both property, money and other belongings can be put into a trust which means your care will be provided instead by the government you have been paying money into as a working citizen. Everything else you have earned should belong to you and be distributed as you see fit after you die. Not only will you be protecting your home from the government, but also to stop former partners or estranged family making claims to it if you would prefer it goes to a grandchild, current partner, friend or even charity.
You can decide when money is paid out when you get an asset trust in Birmingham with The Will Associates, such as leaving the money in trust until a recipient becomes an adult. Rather than sending out a lump sum which could be wasted, you could stipulate it is instead paid out in smaller payment that can help with living expenses or other fees.
If you don’t have a will in place money is automatically distributed to the next of kin. If you get an Asset Trust in Birmingham with The Will Associates, this doesn’t have to be the case and you can choose exactly where it goes whether or not your family agrees. It’s your money and you have every right to decide who you wish to leave it to.
The Will Associates can help you with all your estate planning needs. Call us today on 0800 9500 700 to arrange a free, no-obligation appointment with one of our highly-trained consultants at a time convenient for you and your loved ones, in the comfort of your own home.