Setting up a Property Protection Trust
This is a very important area to consider when deciding on making your Will. This type of Trust can only be created when both partners are both still alive.
The property needs to be owned as tenants in common, we are able to change this for you. The Trust instrument is then included in both Wills however this does not come into force until first death.
When this happens the deceased share goes into Trust for the intended beneficiaries – very often the children – whilst the survivor owns their share of the property which is normally 50%.
The survivor also has a life interest in the property which enables them to remain in the property for the remainder of their life. If they choose they can sell the property without having to ask permission and move to a new property the terms of the Trust remain over the second property.
We offer a free, no obligation consultation at a time to suit you, to discuss your needs.
You can always email us directly at email@example.com with any questions you have about our services.
Review from Joyce Williams
Nigel took care of all the necessary documentation with a most professional, friendly approach. Couldn’t have wished for a better service. Now have peace of mind knowing that everything is taken care of. Highly recommend NJ Legal Services to anyone.
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Consultations at a time to suit you
Estate Planning Consultant
STEP Registered & IPW Member
As meetings in person can be difficult with the current climate, we provide consultations over the phone and through video calls.
Contact us to book an appointment.
Will the Trust protect my interests?
What this means is that should someone pass away and the remaining spouse remarries there is a risk that the children may not benefit as intended from the property that belonged to their parents.
A Trust ensures that this will not happen it will protect the children’s interest whatever the outcome.
Give us a call to discuss setting up a Property Protection Trust on 0800 689 0923.
Why would we choose to take out a Property Protection Trust?
The real benefits are twofold.
Firstly if a couple are on their second marriage they may have children from their previous marriage this enables for both of them to ensure that all their children will benefit from the proceeds of the sale of any property after death.
Secondly let us assume there has not been a previous marriage then a Property Protection Trust ensures to protect against potential sideways disinheritance.
What about Long Term Care?
There is also a third reason for the Trust, if the survivor from a marriage goes into long term care their assets will be assessed to help pay towards their care.
This includes the property, because half of the property is in Trust for the children or intended beneficiaries, then the local authority cannot take this share into account as part of the assessment. Therefore it has been protected on behalf of the children.
See Long Term Care Planning for more information.
These are all very relevant points to consider and the benefits of the Trust cannot be underestimated.
There are other Trusts to consider that may be relevant depending on your particular circumstances and value of your home. We are able to provide free confidential advice in this very important area.
We are available from 9 am – 9 pm Monday to Friday and 9 am – 12:30 pm on Saturdays.
Give us a call or email us directly at firstname.lastname@example.org with any questions you have about our services.
Richard Greasley – We were recommended by a friend to use Nigel and the service has been fantastic. We had a virtual meeting to discuss our requirements and then within a few days the Wills were typed up by Nigel for me and my Wife to review. Would highly recommend and use for other needs in the future.
Martin Y – Excellent service. Nigel provides all the information required in a professional and patient way. Would highly recommend him.
Catherine Hicks – I contacted Nigel during the pandemic so all our discussions had to be held over the telephone. He was very professional, friendly and nothing was too much trouble. Any questions I needed to ask were answered quickly. I could recommend him for his services to anyone who may be interested.
Mr Fred Spencer – A friend of mine sent me the document written by Nigel, which was mainly about reducing the care fees that may be charged by our local council if either myself, or my wife needed to go into care. I found the document to be very informative and easy to understand. I then decided to talk to Nigel about what we may need to do in terms of our own Estate planning. Within minutes of talking to Nigel, he made me feel that he really had our interests at heart and he gave me quite a bit of free advice. As a result of this advice, we decided to commission NJ Legal Services to draw up new wills for us both and to change the ownership details of our property with the Land Registry. I would not hesitate to recommend NJ Legal Services and obviously, Nigel in particular, to friends and family. A truly easy and friendly experience.
Mrs Susan Hammerton – We were visited at home by Nigel who was friendly and very professional. His help and advice was given with patience and courtesy. Everything was explained perfectly. We are very pleased to recommend NJ Legal services.
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