Shelly Wainwright of Ansons Solicitors wills and probate team in Cannock, Staffordshire, explains: “This is not always true”.
Once you have given away your home it is no longer your own. You will not have control of it and it is not yours to sell.
If your children experience a divorce or bankruptcy, your home will be classed as their asset and could be at risk regardless of whether you still live there.
We do not recommend that you give away your home to your children – it makes you vulnerable and you will not be protected if something happens in your children’s lives. Also, if in future years you are financially assessed by the local authority for social care costs, they will look at whether you have intentionally deprived yourself of assets to avoid their assessment. If they can prove you have, they can disregard what you have done and assess you as though you still own the asset.
For further, please contact Shelly Wainwright in the wills and probate team, on 01543 267984 or email firstname.lastname@example.org. Ansons Solicitors has offices in Cannock and Lichfield, Staffordshire.