By gifting your property to your beneficiaries now you may run the risk of losing the property in other ways. One of your intended beneficiaries might become bankrupt and their share of the property would be acquired by the trustee in bankruptcy. Alternatively, one of your beneficiaries may go through a divorce and your property would be considered part of their matrimonial assets in their divorce.
So in essence, if you gift your property away – you have no control of what happens to it but you could still have it taken into account for Care Home Fees and Tax. This limits your own security and your options for the future. However, with our specialist advice, there may still be options open to you.
You could consider putting your property into a trust or in the case of joint property dealing with your share of the property in your Will by way of a trust. This provides an element of protection so that the home does not usually have to be sold to fund care home fees but this area of law is complex and should only be considered with a suitable expert. Franklins can assist in talking through your options with you to ensure that you have the information you need to plan for the future.