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.
Here at NJ Legal Services, we can advise and set up Property Protection Trusts, we cover across the UK – get in touch for advice.
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 info@njlegalservices.co.uk 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
Nigel Johnson
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 0115 822 7440.
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 info@njlegalservices.co.uk with any questions you have about our services.
Client reviews
Jean – AAA star service! Nigel you made the process for my daughters and myself pain free. Very professional, respectful and easy to speak with. We highly recommend!
Margaret Read – I would like to thank Nigel for all his help and advice given during the months after losing my partner.
I live in Salisbury, Wiltshire and was tearing my hair out for Non info here. I found Nigel online and what a find – very, very helpful he even offered to come and see me here but we managed on line. Nigel is very knowledgeable helpful and gave me honest information to all my questions.
I would recommend NJ Legal Services to anyone.
Andrew Woodward – Nigel could not have been more helpful. His knowledge and experience was invaluable and he went out of his way to help us. Thank you Nigel. Highly recommended.
John Johnson – Prompt, good presentation, couteous accompanying letter infact first class I would heartedly recommend the company.
Eileen Burton – Really good caring service. In terms we understood. Also fair price. Would recommend. Many thanks.
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