At Northern Law Solicitors, we value the importance of ensuring our clients have the knowledge and understanding of how to manage their affairs during their lifetime, with the view of preserving their future inheritance.

It is often the case that a person’s largest asset is that of their home. Our specialist solicitors are passionate about advising you on the options you have to ensure that as much of your home is inherited by those that you desire and love.

One option is that of transferring your property during your lifetime with the protection of a declaration of trust. By doing this, you reduce the risk of your home being used to pay for care home fees and another positive is that it may avoid the need for your family to obtain a grant of probate when you pass, thus saving legal costs in the future.

Another option is that of a Will Based Property Trust. This allows you to safeguard at least part of your property from potential future care home fees. The Trust is activated when you pass (and not during your lifetime), and your Will is relied on.

Should you require care in the future, your assets (including your property) will be means-tested by the Local Authority (LA) to pay for their fees.
The LA will seek to use the assets of a person until they are reduced to a lower limit and then a contribution is likely to be made by them.

If you are not protected by a Will Based Property Trust, the full value of your property would be used in any means test calculation completed by the LA. This may result in you being over the ‘threshold’ and therefore responsible for all your care home fees (which are expensive) resulting in less potential inheritance for your loved ones.

There are many other benefits of a Will Based Property Trust which our specialist solicitors can explain to you. We have your best interests at heart- you just need to be proactive. Contact us today.