Property Protective Trust Wills
Property Protective Trust Wills
A Property Protective Trust Will, can provide greater peace of mind if you own a property and wish to best protect its value for future generations. 2-part process; a Will and a Severance of Tenancy (if needed) on the property to protect each half independently.
- A Property Protective Trust Will lets you create a trust in your Will that looks after your property (or your share of it). You would appoint trustees to manage the trust but the terms of the trust allow you to give someone (normally a spouse or partner) the right to benefit from the trust during their lifetime.
- This means they could live in the property that's contained in the trust, or earn a rental income from it. If the trust contains cash because the property in the trust has been sold, then they have right to receive the income generated from the trust during their lifetime.
- When most properties are purchased they are registered on the Land Registry tile deeds in two names (typically, husband and wife).
- Most purchases are registered as 'Joint Tenants' meaning 'what is yours is mine' and vice versa. In reality when one of the partners dies the whole property is left to the other, and on second death, the property is left to the beneficiaries of the partner who was last to die. This makes the inheritance down the bloodline vulnerable if, for example, the remaining spouse or one of the children remarries and decides to include the new family in the Will.
- As part of an overall estate plan, a Property Protective Trust is a useful tool to ensure your family benefits as you would wish by protecting each half of the property
Benefits of a Property Protective Trust Will
Guarantees who benefits from your share of the property if your surviving partner:
- remarries after you die (marriage automatically invalidates any existing Wills)
- writes a new Will after your death, changing their original wishes
Can help reduce the potential impact of residential care fees on the property value for the benefit of future generations
Who can benefit from a Property Trust Will?
A trust Will could be a good solution for: - anyone who owns property with someone else, whether married, unmarried or in a civil partnership, and: - wants to protect the property value for specific loved ones in the future - wants to protect the property value from the potential future risk of residential care fees should this be required for the surviving partner
