Margaret had always been close to her three children. She owned her Dorset home outright, had savings and believed her affairs were straightforward.
“They all get on. They’ll sort everything out.”
Sadly, after Margaret died, things didn’t work out that way.
One child wanted the house sold immediately, another wanted to keep it, while the third questioned how everything should be divided. Small disagreements grew and old family tensions resurfaced.
Margaret had a Will, but it was years old. She had never considered whether a Living Trust could provide greater protection and control over her home during her lifetime and beyond.
A properly structured Living Trust can form part of wider estate planning. Depending on individual circumstances, it can help simplify the administration of assets held within the trust after death, provide greater protection for beneficiaries facing divorce, bankruptcy or creditor claims, and help preserve family wealth for future generations.
Margaret had also never considered future care costs. Had she reviewed her affairs earlier, while fit and healthy, she could have explored whether appropriate trust planning could help protect her home if care became necessary later. Care-fee planning must be undertaken correctly, as arrangements can be challenged where avoiding care charges was a significant reason for transferring assets, particularly when care needs were already foreseeable.
Combined with an up-to-date Will and Lasting Powers of Attorney, a Living Trust can therefore form part of a much broader family protection plan.
Margaret assumed her family would simply sort everything out.
Planning early can help protect your home, preserve your family’s inheritance and provide greater certainty for those you leave behind.
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