Property Protection Trust
If you own your home as Joint Tenants, when you pass the surviving partner will be the sole owner of the property. In the first instance this isn’t an issue as you probably want the property to pass to each one another anyway, but have you considered the potential consequences?
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If the surviving partner meets and remarries someone new, the act of marriage revokes any former Will, so if the surviving partner subsequently passes without re-writing their Will your chosen beneficiaries such as your children or grandchildren would not be entitled to anything. Even if the surviving spouse just co-habits, the new partner could have a claim on the estate meaning potentially diluting your beneficiaries' inheritance.
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If after you pass your partner is the sole owner of your home and requires care, the Local Authority could have the power to force the sale of the home to cover the care fees, leaving your chosen beneficiaries such as your children or grandchildren without the inheritance.
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The Property Protection Trust is the most popular form of Trust sold today. If you would like to discuss how a Property Protection trust could protect your loved ones please call us today to arrange a free, consultation with our friendly, expert advisors.
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How does a Property Protection Trust work?
With a Property Protection Trust, also known as a Protective Property Trust, if you currently own your home as Joint Tenants, we change the way your home is owned from Joint Tenants to Tenants in Common, and create a Life-Interest Trust for your partner. This means that you now own half each, allowing you to leave your respective shares to your named beneficiaries, to ensure they benefit from your Estate irrespective of what happens after you pass, whilst also protecting the surviving spouse's right to enjoy their home.
Protect your Beneficiaries from sideways disinheritance
The act of marriage revokes any former Will, so if after you pass your home is in the sole name of your partner, and they subsequently marry someone else, this would revoke any existing Will, and mean that if they passed away, their new spouse would be the main beneficiary, potentially dis-inheriting your chosen beneficiaries such as your children or grandchildren.
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Even if your partner were just to live with someone else in the future, that someone else could have a claim on their estate, potentially diluting the inheritance of your loved ones
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The Property Protection Trust ensures that your share of your home is held securely in Trust for your loved ones.
Protect against care fees
If you leave your home to your partner or spouse in the hope that they will eventually pass it on to your loved ones, but your partner or spouse subsequently has to pay for social care fees, your loved ones may never see any inheritance.
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With a Property Protection Trust, your share of your home is held in Trust for your loved ones, and is owned by the Trust, so is safe from any claims against your partner.
What if we want to move home?
The Trust only comes into play once you have passed away, until then it has no effect so you can move home or do as you please with the house; you won't have to rewrite your Will as we will ensure that the Trust covers your main residence. Once you have passed away, your spouse may still move home to downsize, but half the home is held in trust for your chosen beneficiaries, protecting their inheritance.
What happens when the Trust ends
When the Trust ends, your share of the property will be passed to your named beneficiaries.
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The Property Protection Trust is the most popular form of Trust sold today. If you would like to discuss how a Property Protection trust could protect your loved ones please call us today to arrange a free, consultation with our friendly, expert advisors.
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