Will Trusts
THE PROTECTIVE PROPERTY WILL TRUST
The Protective Property Will Trust is particularly suitable for couples who are concerned about any of the following:
(a) Protecting their share in their property from being used to pay the care bills of their surviving spouse/partner if they require residential care in the future.
(b) Protecting their share in their property from being inherited by a future husband or wife if their surviving spouse/partner marries.
(c) On a second marriage scenario ensuring that their child or children from their previous marriage receive an inheritance
HOW THE PROTECTIVE PROPERTY WILL TRUST WORKS
The Protective Property Will Trust is designed to protect the value of the share of the deceased spouse/partner in the property from being inherited by a future husband or wife if their surviving spouse/partner remarries or from being used to pay the care bills of the surviving spouse/partner if they require residential care. The Protective Property Will Trust allows the surviving spouse/partner all the benefits of occupation over the property and also allows the surviving spouse/partner to move to a different property if required. Whilst this is binding on the estate and the Trustees after death it can be varied or cancelled at any time if circumstances change before death.
The majority of couples own their property as “JOINT TENANTS”. The Protective Property Will Trust changes this arrangement to “TENANTS IN COMMON” where each owns a specific share in the property and can dispose of that share in their Will. A Trust is created in each spouse/partner’s Will so that on the first death the share of the deceased spouse/partner is left to their beneficiaries (usually their children) but providing the surviving spouse/partner with the right to the use and enjoyment of the share of the deceased. The surviving spouse/partner’s right of occupation is secured by the terms of the Trust. The surviving spouse/partner can continue to live in the property as long as he or she wishes or move to another property. The share of the deceased spouse/partner is secured by the terms of the Trust for the eventual beneficiaries (usually the children).
The share which is held in Trust:
(a) Cannot be claimed by a Local Authority to pay for residential care for the surviving spouse/partner
(b) Cannot pass by inheritance to a new spouse if the surviving spouse/partner marries
For help creating a Protective Property Will Trust, just click the contact button below.
HOW THE PROTECTIVE PROPERTY WILL TRUST WORKS
The Protective Property Will Trust is designed to protect the value of the share of the deceased spouse/partner in the property from being inherited by a future husband or wife if their surviving spouse/partner remarries or from being used to pay the care bills of the surviving spouse/partner if they require residential care. The Protective Property Will Trust allows the surviving spouse/partner all the benefits of occupation over the property and also allows the surviving spouse/partner to move to a different property if required. Whilst this is binding on the estate and the Trustees after death it can be varied or cancelled at any time if circumstances change before death.
The Protective Property Will Trust is designed to protect the value of the share of the deceased spouse/partner in the property from being inherited by a future husband or wife if their surviving spouse/partner remarries or from being used to pay the care bills of the surviving spouse/partner if they require residential care. The Protective Property Will Trust allows the surviving spouse/partner all the benefits of occupation over the property and also allows the surviving spouse/partner to move to a different property if required. Whilst this is binding on the estate and the Trustees after death it can be varied or cancelled at any time if circumstances change before death.
The majority of couples own their property as “JOINT TENANTS”. The Protective Property Will Trust changes this arrangement to “TENANTS IN COMMON” where each owns a specific share in the property and can dispose of that share in their Will. A Trust is created in each spouse/partner’s Will so that on the first death the share of the deceased spouse/partner is left to their beneficiaries (usually their children) but providing the surviving spouse/partner with the right to the use and enjoyment of the share of the deceased. The surviving spouse/partner’s right of occupation is secured by the terms of the Trust. The surviving spouse/partner can continue to live in the property as long as he or she wishes or move to another property. The share of the deceased spouse/partner is secured by the terms of the Trust for the eventual beneficiaries (usually the children).
The share which is held in Trust:
(a) Cannot be claimed by a Local Authority to pay for residential care for the surviving spouse/partner
(b) Cannot pass by inheritance to a new spouse if the surviving spouse/partner marries
For help creating a Protective Property Will Trust, just click the contact button below.