Asset Protection Trusts can consist of property, cash, or investments. Once a Trust has been set up, you must nominate some honest, reliable people to manage it. These will be the Trustees. Often they will be relatives or close friends.
A trust is drawn up separately to a will.
The area of Asset Protection is extensive and complicated. Always obtain professional advice before deciding which course of action to take.
There are several ways of setting up a trust, and you should be sure that you choose the correct one for your circumstances. Consideration should be given to the attitude of the Local Authority, who when assessing for the provision of care, will want to take into account the value of a property.
An ineffective Trust could lead to the entitlement to state benefits being removed. There may be issues around Capital Gains Tax, Inheritance Tax or even Income Tax, so reliable information is essential and should always be sought.