protective will property trust
Keeping your family home in the family..
A Property Trust can be created when a property is jointly owned. One of our experts can visit you in the comfort of your own home at your earliest convenience to recommend the products that will provide the correct protection for you, your family and your assets.
What is a *Protective Will Property Trust?
- It is an enhanced Will that offers some protection for the property by ensuring that on the first death, that share is protected from interference by third parties. That share will also be protected from assessment for care home fees should the surviving owner require care in the future.
- It's designed to enable joint owners to be more flexible with their share of the property enabling them to pass it to someone other than the joint owner.
- If the current joint owner remarries or decides to gift their share to someone else then your share is fully protected for your beneficiaries.
- This means that if the surviving owner needs residential care or gets into financial difficulties, then the first share of the property is protected and will not be assessed or at risk.
What does it mean for the surviving partner?
- The surviving owner has the right to live in the property for the rest of their life. They cannot be evicted by the trustees (your chosen people who manage the Trust).
- The surviving owner can sell the house if they wish to and buy another, but any profit will be split equally between them and the trustees.
- The surviving owner usually controls the Trust with at least one other person, typically another family member.