Access equity from a property in Trust UK
Many clients consider placing their property into an “Asset Protection Trust” such as a Probate Preservation Plus Trust during their lifetime for a variety of reasons.
Once the property is held on Trust, it is often believed to be difficult to obtain funds from the property value through equity release, as the settlor is no longer the legal owner of the property.
THIS IS NOT THE CASE!
Many clients have been advised that the only way to access the equity is the remove their main residence from the protection of the Trust. This is mostly due to the draconian rules of the equity release providers, though some of the responsibility has to be that of the trustees not understanding their potential options.
We are able to provide a solution for these clients whereby equity release may be possible where residual equity in the house is left to Trust.
We can also often provide clients a solution who have pre-existing asset protection Trusts and also clients who are currently considering one to ensure that it is implemented and set-up in the correct manner to achieve maximum flexibility.
Please contact us at Templar Estate Planning, Caversham, Reading, for more details.