Lifetime Asset Trust

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What is a Lifetime Asset Protection Trust?

A lifetime asset trust comes into effect whilst you are still alive and capable to make decisions to protect and preserve your assets that are valuable to you .  The  transfer of assets can go into a LAPT but can continue to enjoy the asset for the entirety of your life, and can be flexible.

You can place many assets into a lifetime asset trust like your property, and savings. You are the primary beneficiary and you have the right to live in that property and usually children will be the second line beneficiaries, the great advantage is that there will be no probate fees or delays when it passes to the second line beneficiaries usually children.

Lifetime Asset Protection Trusts are used to protect and ring fence assets giving you a  peace of mind that they are safeguarded, to pass the legacy on for chosen beneficiaries. Lifetime Asset Protection Trusts are a lifetime settlement used to provide for a surviving spouse and future generations by protecting the assets from third party creditors, possible future divorce of children and ensuring that your assets within the trust cannot be sideways disinherited, even through surviving partner remarrying .

The asset stays in the bloodline only and essentially is protecting against the inheritance being diluted through divorce of the children and any third party claims.

 If assets are transferred into a LAPT whilst there are no third party interests or creditor claims including the foreseeability of care, then the trust assets may be excluded from means testing and assessment. A full assessment of the clients circumstances will be required to provide full and accurate advice in this respect.    

Care fees are expected to be paid by the patient whether they pay for it themselves through their savings or the sale of the home. Cost of care home fees  is approximately £700 - £1000 per week. This trust will ensure the trustees will have control on what happens with the  house provided that no deliberate deprivation of assets is done (I.e. whereby it was reasonably foreseeable that care was needed).