House in trust to stepchildren.

Nothing you can do about it apart from selling the house now and buying a smaller property. You could outlive both of them

As an Equity Release Advisor, I would first recommend talking to all three of the Step Children and ask their opinions. Whilst it would be nice to release funds for them to use now, there are obviously costs involved. It should be a joint decision that you are all happy with. Once you have decided, you should then seek legal advice. If you go down the route of Equity Release, do lots of research as the market is full of different ER companies, with varying fees. If you need any help, please let me know (no sales involved, just help).

Thank you everyone. I can see it’s very much an individual case-by-case thing. I’m not actually sure of the technicalities, I think you’re right I need to discuss with my solicitor. I know our intention was for the house to belong to the children, I’m fairly sure it can’t be sold to pay for my care, but this is something I need to check.

And they don’t always succeed. You are assessed on the value of your assets and if it can be proved that you’ve deliberately got rid of assets to avoid paying for care the assets can be clawed back. Definitely not something to do without legal advice.

Notagranny44

Surely, *Calendar Girl" if the house was left to the children in her husband's will with the wife being allowed to live there as long as she needed it, it could not have been sold to pay for her care, as it wouldn't be her property.
I hope that is correct, as I am leaving my house to my childen, with the proviso that my partner can stay here as long as he needs it.

I think that, if you have to go into care Social Services can take money from the value of your house. Your partner can stay there for his lifetime but then the care money will be taken before the rest is paid to your children. (I've not explained that very well). Hence one reason why people put their homes into a family trust fund.

I think it will depend on the wording of your particular trust, I believe the money gained will be held in the trust.

Notagranny part of the problem is we don’t know if the house was left to OP for life then to the children, or left to them subject to her being able to live there for the rest of her life. Could well be the former but not necessarily. In your own case, have you taken advice on what the inheritance tax position will be if you leave your house direct to your children? I would just double check that if I were you to ensure there isn’t going to be an IHT bill that forces the sale of the house, as there is no IHT payable on assets left to spouses. Apologies if that has already been considered and ok’d by your solicitor, who will know far more about your situation than I do. I simply suggest you check if you haven’t already.

Surely, *Calendar Girl" if the house was left to the children in her husband's will with the wife being allowed to live there as long as she needed it, it could not have been sold to pay for her care, as it wouldn't be her property.
I hope that is correct, as I am leaving my house to my childen, with the proviso that my partner can stay here as long as he needs it.

What happens in situations such as this if the widow has to go in a home? My neighbour was allowed to stay in her late husband’s home(second wife) for her lifetime. At age 90 and with dementia, had to go in a nursing home, property sold and SD then got her inheritance. I expect her husband never thought this would happen, just envisaged her being there until she died.

(I can see I’ve answered my own question, but ‘lifetime’ can mean different things).

Downsizing would be complicated legally, the only consolation is that the value of the property is increasing in value over the years and is a good investment.

An amazing step mum , they are lucky to have you. Please seek professional advice.

Thanks Crazy, we have a great relationship as I have been their mother figure from when they were young. Their actual mother isn’t in the picture (long story).

A thoughtful stepmother ! Wish my children's stepm was as fair as you. As others have said, you should see a solicitor ....good luck .

Psmithy, no-one here can say if they know of a similar situation as it’s impossible to know what your situation is without seeing and understanding the trust documentation. There are various possibilities. I’m a retired solicitor and even I wouldn’t venture an opinion.

Thanks, I will definitely get legal advice before doing anything. If anyone has been in / knows of a similar situation would be interested to know what was possible in your case.

Downsizing isn’t really what I want to do, and I think they are happy that I still live here as it is their childhood family home and it’s nice for them to visit.

As Germanshepherdsmum has posted, you need legal advice Psmithy.

You must see a solicitor. You need proper legal advice.

Would downsizing be an option? I do understand though if you wish to remain in the house, there aren’t a lot of other options I can see.