Should you put your house into trust if you live in the UK?

Should you put your house into trust if you live in the UK?

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Many homeowners are undecided on whether to place their house in trust. In this video, we break down the different types of trusts for property in the UK, including bare trusts, interest in possession trusts, and discretionary trusts. Discover why putting your UK house into trust can be beneficial for you and your family.

Hi, I'm Mike Pugh with MP Estate Planning, based in Bristol, UK. We explore the benefits of UK property trusts, such as protecting your home from care fees, divorce, and litigation. Learn about the advantages of having a trust for UK homeowners and how it can safeguard your assets while ensuring they stay within your bloodline.

For those concerned about inheritance tax, placing your home in a trust can offer significant tax advantages. We discuss how trusts and inheritance tax in the UK interact, providing clarity on how to maximize your estate's value for your beneficiaries. If you're unsure whether to put your house into a trust, this video will answer all your questions and help you decide on the best course of action.

Trusts for UK real estate have been used by the wealthy for centuries, and now this knowledge is accessible to everyone. Whether you have a single-family home or multiple properties, understanding UK estate planning trusts can help you make informed decisions. We also cover the costs involved in setting up a trust, making trusts accessible to all families with our interest-free payment plans.

Protect your UK property with a Trust and ensure your largest asset is safe for future generations. If you're considering a Family Home Protection Trust or other types of trusts, this video will guide you through the process. From avoiding inheritance tax to protecting your home from external threats, find out why trusts are essential for UK homeowners.

Protect your family's future and understand the importance of UK property trusts today.

[Mary-lxzs]

Thank you so much for all this information, i put my house in a trust 4 years ago best thing i ever done. It cost me £3500 to do it, i now have peace of mind

[Philip]

CAUTION - no mention of tax. Ignore the meaningless acronyms in the video. They aren’t terms used in trust law. Instead, google CGT PPR, IHT periodic payments and exit charges, GROB, POAT. These trusts are a problem and expensive to unravel after death. This trust also means you lose control of your home. On top of all that, the fees are expensive. Go see a STEP qualified solicitor for some sensible, measured and proportionate advice.

[paulthomas]

I have written a will leaving my home to my Daughter

[-vk]

My parents have mine and my sisters named as tenants in common. Only my 89 year old mum is still with us and living in the house with no mortgage.

[calvinwilliams]

Trusts can help if you want to keep your house safe, eg you die owing money they can't touch the house if set up correctly, if you want to avoid iht gift the property before you die, you can gift anytime and still live there

[denisefox]

Please, please look into things very carefully as my partner and his then wife put their home into a discretionary trust it all went very wrong. The solicitor they used knew very little about probate law. The net result was tragic, he died in prison of Covid after being sentenced to fraud. It was incredibly sad all round and nobody could have predicted the outcome.

[missrockstarglamazon]

And folks be careful who you have in the trust because they can take it too as it’s in their trust . So don’t just stick your mate in the trust or your relatives or a person who works for a company. Especially if it’s not clear you only will release anything in that trust to you or your one family memebers and only you have that trust or the other person but again if you trust them TRUST being the word.

[dlawrence]

What about people in Scotland? Is there an equivalent or company that can provide a similar service?

[margaretmacdonald]

Where should I go for this I live in scotland

[angrytedtalks]

Blimey. I'm 60, married with 3 adult kids and a home worth over £1.5M but a mortgage of £400k. I would love to protect our home /estate from care home costs and to minimise inheritance tax for my kids to benefit best from our estate. Sounds like a trust is needed...

[peterizp]

@MPEstatePlanningUK are there benefits in setting the trust abroad (Singapore, Dubai, British Virgin Islands, Switzerland..etc)?. Is it better to have a house in the Trust or in an ltd owned by the trust? Is there a cost to transfer or/and impact in mortgage and do you have to charge rent to yourself? where would you have stocks?

[PaulDurbin]

If the house is placed into a lifetime trust can you still claim the Residence Nil Rate Band when calculating IHT? My understanding is that as you are still living in the house this is a Gift with Reservation of Benefit so the value of the house must be included in the IHT calculation.

[jasonbarrett]

good morning i have a house worth 350k paid off and 100k in the bank 2 kids adults unsure how to split my assets in percentage is that possible? i want to add other people to inherit from me aswell and keep them anonymous?

[carlchappell]

Hi mike if you use a legal firm to do a trust do they go on the Land registry form (question 5) as transferee's/ trustees.?

[jimmorrison]

Do you have an office near Newcastle upon Tyne. And how do I get a free 20 min phone call to go through my requirements for a living trust
Thanks

[clareburke]

Im on benefits, i live in an inner city, and my mum has a house with a will that splits three ways. I would never let her go into a home, and she is 78. A third split for me would be 90 000. I'd like to use this money to buy a small property in the countryside. Would a trust protect my benefits so i could move to the countryside.

[daramaccarthy]

Do you have any connection with Ireland. Perhaps somebody similar to yourselves that do the same type of work?

[kel]

What is the difference between putting your company in a trust and making your children joint directors of the company?

[davidmatthews]

My mother in law is 84 and looks after my 92 year old father in law. Not sure how long she can do it. Is it too late for her to put their wealth into a trust? House = £500, 000. Assets = £300, 000. Thanks

[garysmith]

Are the rules different in Scotland from those of England and Wales