Effective Estate Planning in Glasgow and Central Scotland
Are you concerned about what your family will receive after your death? Duncan & Laird Associates specialises in estate planning and provides a variety of services, including Protective Property Trusts, for clients throughout central Scotland. Working from our main office in Glasgow, our estate planning services cover an array of circumstances, including partners who remarry or long-term care home costs. Get in touch today to safeguard your family’s inheritance.
Protecting Property Against Care Home Costs
Under the Community Care Act 1990, local authorities have the right to seize your family home, put it up for sale, and use the proceeds to cover long-term care home costs. Under this legislation, at least 70,000 homes were seized last year (that’s 200 a day) with £4.3 billion worth of inheritance being used to pay care costs.
Couples may be able to prevent their property from being taken, but it’s important to act now. It is illegal to deliberately transfer your property to relatives or trusts if your prime motive is to avoid paying for long-term care home costs. However, it is legal for your partner to make provision in their will that their own half share of the family assets, including your home, are placed in trust for your children or another beneficiary. The difference is that you don’t own your partner’s half share, so you can’t be said to be reducing your estate illegally.
Protective Property Trust
The Protective Property Trust will is specifically designed for this purpose. This will allow the surviving partner to continue benefiting from the assets within the Trust, while also making a provision for your property to be passed on to your loved ones in the fullness of time.
This may also be helpful to you in the event of your family including children from another marriage. Did you know that if your spouse remarries, your children could be disinherited? Your will is the ideal way to protect your property during your lifetime. Act now to safeguard your family and your property in the future.