There was some debate in the "money" pages of a national newspaper recently sparked by a reader who had written to the paper saying that they wished to leave half of the home they own with their husband to their two children when they die and wanted this to be ring - fenced to ensure that the money was paid, even if the husband re married. That said, they also wanted to ensure that the husband was able to live in the house for as long as he wished.
Various comments were aired and Paul Halstead, one of our Private Client Team members said "some of the comments made in this debate, from so- called experts, were simply not correct and could mislead people into making a costly mistake".
Mr Halstead went on to say "It is perfectly possible to set up a situation that deals with a property in exactly the way that the enquirer wanted but it is important to ensure that the directions in your will are matched with appropriate directions in the deeds for your house. It is also important to ensure that all parties are aware of the implications of the arrangement and that proper advice is obtained regarding any Inheritance Tax consequences and also the impact of any assessment for meeting the costs of long term care."
All the members of our Private Client Team are aware of the steps to be taken to ensure that this type of arrangement will work in the way that the client wants. Consult us now for an initial discussion about the way to proceed.