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I am considering setting up an Asset Protection Trust in order…

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I am considering setting up...
I am considering setting up an Asset Protection Trust in order that I can leave my modest bungalow -value around £170k to my three adult children in the event that some time in the future I went into care. Are there any pitfalls and can the local authority overturn the trust.
Submitted: 8 years ago.Category: UK Law
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Answered in 27 minutes by:
6/24/2010
Solicitor: Aston Lawyer, Solicitor replied 8 years ago
Aston Lawyer
Aston Lawyer, Solicitor
Category: UK Law
Satisfied Customers: 10,798
Experience: LLB (HONS) Over 23 years legal experience specialising in Property law and Wills/Estates
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Hi there,

 

Could you please tell me the nature of the Asset Protection Trust you intend to put into place?

 

Thanks

 

Andy M

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Customer reply replied 8 years ago
This trust is offered by Universal Asset Protection of East Harling, Norwich
Solicitor: Aston Lawyer, Solicitor replied 8 years ago

 

Hi again,

 

Thanks for your reply, but you could you tell me what the Company are suggesting you do?

 

Kind Regards

Andy M

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Customer reply replied 8 years ago
The Universal Asset Protection Trust suggest that by holding my bungalow and any other assets in the trust I can secure them for my children as they can only pass to my named beneficiaries. There would be two trustees, which would cost £180 per annum and the set up fee about £3000 I would be the principal beneficiary If I went into care I must continue to recie ve a benefit from the trust in the form of rent or proceeds of sale.
Solicitor: Aston Lawyer, Solicitor replied 8 years ago

 

Hi again,

 

I'm sorry but I don't know enough on this Asset protection scheme, so I will opt out in the hope that a fellow expert can assist you.

 

Kind Regards

 

Andy M



Edited by AndyM on 6/26/2010 at 2:45 PM EST
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