I live on my own and own my own bungalow, the bungalow is only in my own name. Is it possible to make sure the bungalow can not be sold off by the government if I ever have to go in a home? If it is, how do you do this and how much is it likely to cost.
2007-03-01 03:45:21 · 6 answers · asked by Mighty-Tigers 2 in Business & Finance ➔ Renting & Real Estate
I live alone in my property in England and own the property (with a mortgage). I have not yet made a will but understand If I leave it to someone in my will it can still be sold by the government as a will is not affective until you die.
2007-03-01 04:22:23 · update #1
I worked in eldery care a few years back and i have see this happen loads of times
The best way round it is if you have children sign over the house to your children or a relative so technically the house is theirs and not yours. But Get a contract drawn up through a solicitor stating that you will have a right to live in the property up untill your death. Even though if you went in to care you wouldnt be living there but at least you would still have your bungalow.
This way the goverment cant touch the house.
2007-03-01 04:06:05 · answer #1 · answered by caloko 3 · 0⤊ 0⤋
The best way for you to get the right answer is to get an attorney. If you fear going into a home you can sell the house to someone with life rights, which means you can stay until your death and then ownership reverts back to the other. I am sure you have property taxes that will have to be paid. The property will have to be maintained ie: snow removal, grass cut, mail picked up etc. If you have a trusting family member or friend, you can also give them power of attorney of your property. This way you still own in but they make the choices when the time comes that you cant. You can also put stipulations in your will, that when you pass, who you want the house to go to If you just leave and abandon it, depending on what state you live in, they can put it up for sheriffs sale if the property taxes are not paid. I would be sure to ask an attorney. Good luck to you
2007-03-01 03:58:59 · answer #2 · answered by tcg7213 3 · 0⤊ 0⤋
I'd highly recommend speaking with an attorney about setting up an irrevocable trust. You can transfer your title to the bugalow to the trust - this will allow you to control the property now, but to also have arranged that a trustee you name will handle the property in case you become incapacitated or die. The trust's directives will stipulate how your estate will be disposed and/or distributed. That way, you control ahead of time what happens to the property.
Be sure to set up a trust, not just a will. And be sure to set up the trust now before anyone questions your capacity to handle your own affairs. Good luck.
2007-03-01 04:14:29 · answer #3 · answered by Marko 6 · 0⤊ 0⤋
make the official papers & get signed by agent & the seller & sent the copy to the government to make it sold.
OR
ask the lawyer
2007-03-01 03:53:55 · answer #4 · answered by yasirdynamite 2 · 0⤊ 0⤋
you can sell it to someone else who agrees to allow you to carry on living there. ussually a member of your family or one of these companys that advertise on the telly. if you are going to leave the property to a relative you can sell it now for a nominal sum, a quid if you like, they sign to say that they let you live there till you die.
2007-03-01 03:51:41 · answer #5 · answered by fat momma 3 · 2⤊ 0⤋
get an agent to make sure the taxes are kept up to date -- cost
varies, some banks will do it for you,a lawyer or TRUSTED relative
etc.
2007-03-01 03:57:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋