You're probably thinking it can't be that simple. Well, let me tell you, it is. I've no doubt you've already guessed what the first piece of paper does. It changes the ownership of the property. And that's what we've done now. I own my share of our house and Laura owns her share.
When I die, you'd expect me to leave my share to Laura. But I won't. You see, if Laura owns all the property and needs long term care, when the State comes along, it'll have no trouble forcing her to cover the full cost of her fees until almost all of the value within the home has gone. And neither of us wants that, as we'd prefer the money to go to our children.
My share of the property is going to someone else. Actually, it's not a someone. It's a thing. A Treasure Chest known as a Trust.
Actually, there are many types of Trust but what's really important is not what it is, but what it can do.
I’d heard about Trusts, but I didn’t really know what they were or what they did. So I did some research and this is what I found.
‘Pieces of paper can prevent your home being sacrificed to pay for long term care’
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