Every year, one comes across numerous cases in which there is evidence of thousands of family homes being sold in order to cover the care fees of the owner. This number varies between forty thousand to around seventy thousand. Occurrences like these are a source of disappointment for the owners of the homes that are mostly parents, and want their family home to pass down to the next generation.
A Family Home Protection Trust serves the purpose of protecting family homes. A Family Home Protection Trust helps the people who cannot afford to pay for care privately. These trusts help people in advanced planning, so that it does not come to selling a family home for the coverage of care fees. Hence, with the help of a Family Home Protection Trust, you come to know of ways for protecting your family home for the coming generations.
When individuals are not able to pay their care fees themselves, they can turn to the local authorities for funding. The local authority then assesses the capital resources as well as the income of the individual before the funding, and assistance is granted. There are, however, some conditions that have to be fulfilled, after which the local authorities agree to contribute.
In order to get funding from the local authorities, it is important to prove to the authorities that the home in which, the person is living is not a capital resource. This is where the role of a Family-Home Protection Trust comes in. These trusts provide a solution by allowing the residents to put the home into the, trust so that the trustee becomes the owner of the home.
The trustees are usually the children, and they cannot evict the former owners. Hence, there is a guarantee for the former owners to live in the house as long as they live. The greatest benefit associated with the Family-Home Protection Trust is that it offers a home protection plan, which guarantees that home will not be applicable to probate upon the death of the former owner.
After the death of the former owners of the house, the trust allows the trustees to transfer the home in their own name. Whether they sell the house, or transfer it to their own name is up to the trustees. This can be done immediately after the death of the former owner, and there are no probate formalities on death that have to be fulfilled.
All this means that if you are old, and are about to go into care, and are worried about your home, which has been your investment throughout life, you do not have to worry about the home going to the local authorities, because of the services offered by a Family-Home Protection Trust.
If you are in a kind of situation that you are considering getting a home protection plan from a trust, you should first find out such a plan that is suitable for you. You can do this easily by contacting a Family-Home Protection Trust, and find out the rate at which, they offer their services, and what the terms, and conditions are.