Re: Most Suitable Will

[Porschemad]

Hi

My parents are both in their 60's and looking to make a Will. They have been given two different bits of advice by two different solicitors and I am just wondering the best way forward.

The the vast majority of their assets are jointly held and combined estate is only likely to be around £500k. With the probable availability of the transferable nil rate band I do not think inheritance is likely to pose much of an issue. The aim really is to protect the property from potential care home fee's.

One solicitor has advised to sever the joint tenancy and create a discretionary trust on the first death placing the half share of the property in the trust so it cannot be assessed for means testing if the surviver goes into care.

The second solicitor has advised the setting up of a Flexible Life Interest Trust.

I am unsure what the difference is and whether there is any distinct advantages of using a FLIT over a discretionary trust or do they essentially achieve the same thing?

Any help would be appreciated, thanks in advance.