Karlshamn A Property Protection Trust Will is a Will that may include a life interest in any assets or a right to occupy property for the surviving spouse or beneficiaries and can also involve changing how the assets or property are held. Any fees for changing how the title of a property are held are normally included in the cost of the protective property Trust Will.
A Trust is a legal structure which can be included as part of your Will and can offer increased asset protection for your loved ones. These types of Wills are called Trust Wills. We would always recommend that you consider the benefits of setting up a Trust as part of your Will. They are most commonly seen in the following circumstances:
- you wish to protect your estate against possible care fees in the future
- you have a spouse or partner but children from a previous relationship
- you wish to leave some of your estate to a vulnerable or disabled person
McKeesport Benefits of a Property Trust Will
- Guarantees who benefits from your share of the property if your surviving partner:
- Remarries after you die (marriage automatically invalidates any existing Wills)
- Writes a new Will after your death, changing their original wishes
- Can help reduce the potential impact of residential care fees on the property value for the benefit of future generations.
Who can benefit from a property trust will?
- Anyone who owns property with someone else, whether married, unmarried or in a civil partnership and:
- Wants to protect the property value for specific loved ones in the future
- Wants to protect the property value from the potential future risk of residential care fees should this be required for the surviving partner.
Albuquerque Without a Property Protection Trust Will
Bemetāra You and or your property can be exposed to;
- Care home Fee’s – if your NET worth is over £23,250
you are required to pay for your own care, should a care home be required. The average cost of this in the UK currently
is £40,000 per year. Once your savings
(liquid assets) are diminished your house is then seized and sold by the local
authority to cover the costs of the care. Most of the value of the property can
be swallowed up in fees until your assets have been brought into the government
threshold for financial support (£23,250).
- Sideways Disinheritance – spouse remarries or rewrites Will causing your chosen beneficiaries to lose out on their inheritance.
speak with one of our Estate Planning professionals today