My parents have been advised to set up a Residency Trust. From what I understand, when one dies, their property and assets pass 50% to the surviving member and 50% goes into a trust; the surviving member is one trustee but there are others (probably me, my brother and a good friend). It's something to do with reducing the ability of the government to force you to sell your house if you have to go into residential care?
I've never heard of this (not that I have any legal background at all). Is this normal, advisable, recommended?
Any advice much appreciated, thank you.