Most people hope that their estate will pass on to their children and grandchildren eventually. But this will not happen for many, unless careful arrangements have been made to protect their assets from being taken towards the end of their life to pay for care home fees.
The solution to help protect your estate is a Will incorporating a Property Protection Trust (PPT). A testamentary PPT can only be executed whilst both partners remain alive. Upon death of the first partner, their Will specifies that their share of the property is placed into trust and names the ultimate beneficiary of this share, normally the children and grandchildren of the deceased. The surviving partner, under the terms of the Trust, has the unequivocal right to remain living in the property for the rest of their life. On the death of the second partner the Trust comes to an end and the property passes to the beneficiaries.
As the surviving partner does not own the deceased’s share of the property it is fully protected for the beneficiaries, so if the surviving partner requires care, or even remarries, this share of the children’s inheritance is protected. This last point can be of particular interest to couples who have come together and have children from different partners. A PPT can help each person in a relationship ensure that their children inherit their share of the property, while giving their surviving partner the ability to live in the property for the rest of their life. If the surviving partner wants to move to another property they can still sell the property and the proceeds be used to purchase a new property; the terms of the Trust remain over the new property.
Westminster Law will assess your current circumstances and arrange the trust that will provide the best protection for you, your family and your assets.
Call now for a no obligation chat on: 01483 256625