Property Protection Trust

 

 

 

Protecting Your Home

 


Joint Tenants v Tenants in Common?
Most couples are either buying, or own their homes in joint names (Joint Tenants). If one partner dies, the ownership of the house passes outright to the survivor. This however rules out either partner gifting their share of the property to anyone else. Many people consider giving their individual share in the house to their children on death, to ensure that the children receive their entitlement in the event of either the re-marriage of the surviving partner, or the surviving partner requiring nursing care!

The solution is to have the property owned EQUALLY rather than JOINTLY, as Tenants in Common.

Heritage Will Writers deal with all the paperwork and registration procedures with the Land Registry Office.

Nursing Care & Re-Marriage issues?

Under the 1990 Community Care Act, if a person is taken into care and has assets (including the home) in excess of £23,500, the local council can force the sale of the person’s home and use the proceeds to pay for the Nursing Home’s fees.
This is an extremely expensive issue and can mean that when the person dies, there is little left in their estate to pass on to their family!

Each year, 70,000 homes (200 every day) are repossessed by Councils throughout the UK to recover Long Term Care costs.

The Property Protection Trust enables that on the first death of one of the couple, their share of the house is left “In Trust”, normally for the benefit of the children and at the same time ensuring the surviving partner has the legal right to occupy the property, together with the flexibility of selling up or moving home.

This share of the property which has now passed via the deceased’s Will “In Trust” is now protected against any potential Local Authority claims.

In addition, other couples might be concerned about the effects of the surviving spouse Re-Marrying, predeceasing the new spouse and as a consequence, seeing all of the original property and assets pass to a completely new person and NOT the children from the original marriage!

Also, couples, whether married or living together as partners, and with children from previous relationships might also want to consider leaving their respective share in the house to their children?

The property Protection Trust achieves protection for the deceased’s share of the house in all of the above scenarios.

 

For more information on Property Protection Trusts, please Contact Us

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