Property Trusts And Care Fees

Summary

In the UK, placing property in a discretionary trust might protect it from care fees, but councils can still assess finances. To protect your property, consider setting up a Protective Property Trust (PPT) with a solicitors help. Trustees manage the property for beneficiaries, who receive benefits. Trusts can be amended, but it depends on the terms. Consult a local solicitor for personalized advice on setting up and managing trusts.

Full Conversation

I have found an old trust document that my mother did 8 years ago stating the house is in trust for my sister and me, this is not a protective property trust belive just discretionary can council still charge the property for care fees
Thank you for your question. To provide accurate information, could you please confirm your location (city or county) as rules may vary depending on the jurisdiction?
Uk
Thank you for sharing the details. In the UK, whether a property held in a discretionary trust can be charged for care fees depends on specific circumstances.
- Discretionary trusts can sometimes protect assets from being assessed for care fees.
- The local council may still conduct a financial assessment.
For more precise advice, consulting a local solicitor is recommended.
What possible way can I put my own property in trust to stop councils from putting a charge or enforcing sale for care charges
To put your property in a trust to potentially protect it from care charges, you might consider setting up a Protective Property Trust (PPT). Here are a few general steps:
- **Consult with a solicitor**: Seek advice from a legal professional who specializes in trusts.
- **Set up the trust**: Create a trust deed specifying the terms and beneficiaries.
- **Transfer ownership**: Legally transfer the property into the trust.
For more detailed guidance, it's best to consult with a local solicitor in the UK. Would you like help finding a solicitor near you?
How do I tranfers this into a trust and is the property safe, can I change this if required at a later date
To transfer your property into a trust and ensure it is safe, follow these steps:
- **Consult with a solicitor**: Seek advice from a legal professional specializing in trusts.
- **Set up the trust**: Draft a trust deed specifying terms and beneficiaries.
- **Transfer ownership**: Legally transfer the property into the trust.
You can typically amend the trust if needed, but it depends on the trust's terms.
Would you like help finding a solicitor near you?
Do you mean transfer into the beneficery names
To clarify, are you asking whether you can transfer the property directly into the beneficiaries' names instead of creating a trust?
Understanding your intention will help provide the best guidance.
Don't fully understand what is the trust
A trust is a legal arrangement where one person (trustee) holds and manages property for the benefit of another (beneficiary).
To clarify:
- **Trustee**: Manages the trust.
- **Beneficiary**: Receives benefits from the trust.
- **Trust Deed**: Legal document outlining terms and conditions.
Would you like more details on types of trusts?
So do the trustees own the property until they tranafer it to the trustees
It seems there's some confusion in your question. Trustees hold legal title to the property within the trust, but they manage it for the benefit of the beneficiaries.
To clarify:
- Trustees: Hold and manage the property.
- Beneficiaries: Have the beneficial interest.
Would you like more information on the roles of trustees and beneficiaries?
Yes
Certainly! Here's a brief overview:
- **Trustees**: They hold the legal title to the property and are responsible for managing the trust according to the terms specified in the trust deed.
- **Beneficiaries**: They have the beneficial interest in the property, meaning they are entitled to the benefits or income from the property.
Would you like more detailed information on the responsibilities of trustees or the rights of beneficiaries?