A Property Trust will leaves your share in your property to your children or other beneficiary's with clauses that leave your spouse full lifetime rights over the property.
People often write a Will leaving everything to each other and then to their children or other heirs. Which is fine unless your spouse or partner remarries after your demise or moves into a Nursing Home.
If your spouse does remarry, their new husband or wife automatically becomes their next of kin and your children or other heirs may get nothing.
If they move into a Nursing Home then they may be asked to sell your property to pay for their fees.
Each year thousands of people are forced to sell their homes to pay for Nursing Home Fees. If you haven’t already, then we recommend you seriously consider a Property Trust Will to protect your share of your house for your children or other heirs.
We can make a new Will, or change your existing one, to include clauses which leave your share in your house to your children or other beneficiaries. We will also include full protection for your spouse or partner to live in the house after you pass on.
To achieve this, we will most probably have to make changes in the way you own your property, with the Land Registry if your property is registered, or we will need to create a “Declaration of Trust” to go with your deeds.
Unfortunately, you can only do this whilst you are both alive, so you should deal with it as soon as possible.
The costs involved are generally less than the charge for one week in a care home and if you are an existing client, you will be entitled to discounted legal work.
If your estate comprises of property and money then a Discretionary Trust may be an alternative option and is explained below;
Discretionary Trusts.
For married couples (or those in a civil partnership) – If your estate is comprised of more than one property, or you have savings or investments you wish to protect, then a Discretionary Trust may be a better option than a Property Trust. Your consultant will discuss the options with you.