Preserving the value of the family home from hostile creditors is important. If you should need Long Term Residential or Nursing Care, and your assets exceed £23,500, the NHS and Community Care Act 1990 allows for your home to be used by the local authority to meet the costs associated with providing that care.
By changing the way in which you own your home, the possibility of a future creditor being able to make a successful claim against this valuable asset can be greatly reduced.
Options can range from a simple change to Tenants in Common, to transferring your property (or properties) into a full Property Trust, which can also reduce the cost and administration of Probate later. (Contact us for details regarding Property Trusts, especially if you are in business and wish to separate your business and personal assets.)
Similar measures can also protect Equities and other assets so that your children and other beneficiaries can inherit as planned. It is important to note that, whilst pre-emptive planning is acceptable, such measures cannot be established where the motive is clearly to frustrate the attempts of legitimate creditors. We have close ties with leading Conveyancing firms, solicitors and Barristers if required, so can easily arrange the purchase or sale of your property at most competitive rates, and place your property into trust if required.
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