Succinct explanation of how a Home Protection Trust works…
Oversimplifying a very complicated subject as follows:
We create a Home Protection Trust for the client(s). It can be a trust for a single person or for a couple (known as a dual settlor Trust) It is a lengthy technical document and a good trust will be about 20 pages in length giving full protection for assets in trust and full flexibility to the trustees to do whatever they wish with the property in trust in the future. The Trustees can be 2 ,3,or 4 people and can include the settlors and their children or just the settlors (the people putting property in trust). The settlors have a life interest. Then we convey the settlors property into trust at the land registry with the trustees names being shown on the trust. The settlors can for instance move home and the new home automatically goes into the trust or they could even sell the home and bet the whole amount on a horse, not that anyone is likely to do that but it just shows the flexibility that a good trust allows.
In addition to putting property into trust, savings can be put into a trust bank account and shares can be transferred into it, provided it is a well worded trust. Major advantages of a trust include, protection from all unforeseen eventualities, even care fees provided the property is not put into trust for this reason. Removes the need for probate on the property, which can significantly save probate costs. Prevents claims on the estate after death under the 1975 inheritance act from classes of persons entitled to an inheritance. Protects property in trust in the event of divorce of beneficiaries. And in the event that if one partner dies and re marries the property is still protected for the beneficiaries.