A Trust Will.

[pattricia]

My elderly neighbour says her Will is in a Trust. She says this way her property is protected if she ever has to go in a care home. Her house cannot be sold to pay her fees, but who does pay her fees.? 

Also she says her Will doesn’t have to go to probate first before any money is shared out. Is she correct ? Have you heard of this ? Maybe someone on SF has got the same type of Will. It seems a very safe and sensible type of Will to me.

[Norbert]

Usually half the value of the property will be protected by such a trust, care fees (plus interest) can build up and the house may have to be ultimately sold to pay out up to half its value.

 

If you have over about 22K in assets you pay for all your care, then there's a sliding scale down to about 14K, at which point your care is paid for by the state.

 

I have also heard that a Trust doesn't go to probate, and the assets can be accessed quickly.

 

The best thing to do is give your spare assets away well before you need care.

[pattricia]

11 hours ago, Norbert said:

Usually half the value of the property will be protected by such a trust, care fees (plus interest) can build up and the house may have to be ultimately sold to pay out up to half its value.

 

If you have over about 22K in assets you pay for all your care, then there's a sliding scale down to about 14K, at which point your care is paid for by the state.

 

I have also heard that a Trust doesn't go to probate, and the assets can be accessed quickly.

 

The best thing to do is give your spare assets away well before you need care.

Thank you Norbert. Only just seen your helpful reply"

[Jeffrey Shaw]

On 03/02/2023 at 12:36, pattricia said:

My elderly neighbour says her Will is in a Trust. She says this way her property is protected if she ever has to go in a care home. Her house cannot be sold to pay her fees, but who does pay her fees.? 

Also she says her Will doesn’t have to go to probate first before any money is shared out. Is she correct ? Have you heard of this ? Maybe someone on SF has got the same type of Will. It seems a very safe and sensible type of Will to me.

What she might mean is the opposite: that her Will sets-up on death a new Trust.

Anything owing by a deceased person (D) has to be paid out of the net Estate.

And a Will cannot be operated unless and until there's a Grant of Probate or of Letters of Adminstration.

[pattricia]

On 08/02/2023 at 17:51, Jeffrey Shaw said:

What she might mean is the opposite: that her Will sets-up on death a new Trust.

Anything owing by a deceased person (D) has to be paid out of the net Estate.

And a Will cannot be operated unless and until there's a Grant of Probate or of Letters of Adminstration.

Thank you Jeffrey.

[kidley]

Hi Pat

my situation is this my wife is in care, as it stands my bungalow is in joint names which means, my wife owns half of the bungalow (mirrored will) if I die before her she inherits all of the bungalow which would go towards paying for her care, But, if she dies before me I would inherit all of the bungalow and the government cannot touch it. 

just to answer your post, just becouse she has put her house in trust it doesn't automatically  mean the gov or council can't take it to pay for her care,there are time limits and things. maybe Jeffrey could enlighten us on that.

[S35_2o21]

On 03/02/2023 at 12:36, pattricia said:

My elderly neighbour says her Will is in a Trust. She says this way her property is protected if she ever has to go in a care home. Her house cannot be sold to pay her fees, but who does pay her fees.? 

Also she says her Will doesn’t have to go to probate first before any money is shared out. Is she correct ? Have you heard of this ? Maybe someone on SF has got the same type of Will. It seems a very safe and sensible type of Will to me.

 

This is all a bit of a minefield. I hope your neighbour got some good advice: https://www.ageuk.org.uk/latest-news/archive/asset-protection-trusts-mis-sold/

 

I was under the impression that if a LA investigated and found that there had been attempts to hide money, this could be overturned. Assuming she does need to go in to a care home. Many people pay for their own care in the home.