What is a Property Protection Trust Will?
A Property Protection Trust Will is a type of legal structure which can be included as part of your Will. They help protect your property from an assessment to any long-term care fees. A Property Protection Trust Will is also referred to as a ‘life interest trust’ as it favours the surviving party of the partnership, ensuring that they benefit from the share of the house in the trust during their lifetime. If the surviving partner/spouse transfers into any long-term care facilities, their share of the property may be protected. When they eventually pass away, the trust fund is passed down to others, usually the children of the family. A Property Protection Trust Will is also a useful way for anyone interested in making any plans surrounding their estate and looking into ways to avoid paying inheritance tax. For more information regarding this, click here.
How can I be sure a Property Protection Trust works for me?
A Property Protection Trust is a Will which is best suited to couples who are married or in a civil partnership and are concerned about the possibility of a long-term care requirement in the future.
A Property Protection Trust Will is well-suited to individuals who:
- Would like to protect their estate and home against the costs of possible future care fees
- Want to ensure their children receive at least half the value of their house when they die
- Want to ensure their partner or spouse can continue to benefit and live in their share of the property upon their death
How can a Property Protection Trust Will help me?
There are many people who worry about what would happen if they went into a care home; they could fear that their home and savings will be taken from them to pay for their care. Currently, if a person ends up in full-time care and they do have property, savings, and investments over £23,250, they will have to pay the cost of their care independently.
It is very common for couples to make Wills, leaving their estate to each other in the event of one party’s death. This then means the survivor will own everything. The problem here is that if the surviving party goes into a care home, all their assets, including those of their deceased partner, would be taken into account towards their care fees. Asset protection Trust Wills will ensure that your partner can still use and benefit from your assets if you die first, but if the surviving party does need full-time care, their assets will not be used to pay for it.
Property Protection Trust Wills and Tenants in Common
This refers to when each party has their separate share of property, that they can leave in their Will to whomever they wish, regardless of if they die first or second. There is a multitude of reasons behind people protecting their assets. The two most common reasons are protection from care fees and protection in second marriages.
How can Larcomes Solicitors help me with my Property Protection Trust Will?
Our experienced Wills and Probate Solicitors will work with you to assess your individual needs and guide you through the best possible estate and inheritance planning solution for you and your family. We also have the expertise to deal with high-value assets, including issues such as inheritance tax and trusts.
The Wills and Probate team at Larcomes will be happy to speak with you regarding all areas of wills, probate, inheritance planning and trusts. You can find out more about our team by clicking on the links below:
To speak with one of our wills and probate team, please give us a call on 023 9244 8100 or make an online enquiry