The MIL has been sent some info from a firm of solicitors in Glasgow ( WW & J McClure ) about trust funds to protect the value of the property and savings should you end up in care.
Putting aside the moral and ethical arguments (who am I kidding 🙄 ) does anyone know anything about these and how they work?
Also, she lives in Englandshire, McClure is a Scottish firm - are the laws different on these matters.
Oh and yes, I could call them and ask them, but a) where is the fun in that, and b) I'm likely to get a more wide range of opinions, fact and lies on here 😆
Edit: just found this http://www.howtomakeawill.co.uk/Thefamilyprotectiontrust.htm
If it's so straightforward, why isn't everyone doing it?
Generally Speaking they work if they are right for you. However they are not right for everyone.
Firstly - you are giving up ownership of your home in exchange for a lifetime interest in possession. Lots of people don't want to do this.
Secondly - If you have a mortgage on your property you can't do it, as the lenders would technically have lent money to someone secured on an asset that they no longer own - lenders don't like that.
Thirdly - There is the question of forseeability of care, if you make this transfer whilst care is reasonably forseeable then you have committed an act of deliberate deprivation and this can/ would be set aside by the local authority. So if you have had any type of diagnosis of a degenerative nature then you are too late.
Then you have to look at the CRAG Rules (Charging for Residential Accommodation Guidelines) which local authorities abide by, as you might just find that your assets are disregarded for the calculations anyway.
If you do this you will need to redo your Will and put in Place Lasting Powers of Attorney so it can all get quite pricey.
So why doesn't everyone have one - not many fit the criteria or need one. If it is right for you then it's great, but you need a very detailed conversation with someone who knows what the are doing.
We do maybe one or two per month but see ten times that amount who are interested but not suitable.
E-mail in profile if you need anything more.
Nick