Good afternoon,
I have a client who has been referred to me from the conveyancing dept. He is selling a property which he owned with his ex-partner and he wants to know if he can put his share of the sale proceeds into trust to prevent him losing his Universal Credit.
I do not believe this to be the possible as it would surely fall under deliberate deprivation of assets? He said he has spoken to someone who is a “legal person and does trusts” and they have said it is possible for this to be done. If it were not an in-house referral I would (of course) tell him to go to that person and they can handle it, but I feel more diplomacy is required here.
The only thing I thought was that they may be getting confused with disabled person trusts (as he is also registered disabled) but they are set up by a testator for a beneficiary rather that the individual moving their assets away.
Anyone shed any light?
Thanks
Gemma Van Duke
Bishopsgate Law