- It protects against future expenses such as Probate costs (can be thousands) as well as other costs encountered in later life
- It can prevent future beneficiaries losing money through divorce or bankruptcy
- It can be used by your children to manage their own assets.
- Your Will remains valid
- Although you “give your assets” to the Trust fund you retain complete control as the Trustees. You can still move house or invest money as you see fit
These kind of trusts are often advertised as a means of protecting you from having to sell your home to pay for care home fees.
Asset Trusts should be set up when you are still fit and healthy with a view to reducing end of life costs.
If you set one up when you’re about to go into a care home it will be seen as avoidance and the local authority can still charge you accordingly.