A protective property trust is a special trust that is built into our wills that allows a person (typically your spouse or partner) to continue to live in the family home for as long as they want to (or need to) without ever owning 100% of the family home.
If a person passes away leaving a surviving spouse or partner, then instead of passing their share of the family home to the surviving spouse or partner, their share is held in a special Trust which gives a legal right for the surviving spouse or partner to remain in the house as if they owned it all.
After the surviving spouse or partner passes away, or moves into residential care, then the Trustees pass the share of the family home to the beneficiaries, who are typically their children.
The biggest benefit for a protective property trust is that the person who has a will with a protective property trust built into it can be sure that their share of the family home will eventually go to their chosen beneficiaries, and not be used to pay for the care home fees of the surviving spouse or partner.
Another benefit is that it eliminates the possibility of “accidental dis-inheritance” which can happen when someone loses their spouse but is still young enough to remarry. If they subsequently remarry then this makes any previous wills invalid and if the surviving spouse dies before their new partner and doesn’t make a fresh will, their entire estate passes directly to their new partner and completely bypasses the children. As a result, the children lose one parent, gain a step-parent, lose their other parent and at the same time also lose all their inheritance.
Time to talk to a will writer?
There’s no obligation to act on anything we tell you, but if you do wanted listen to our advice and tell us to do the work, that’s when we will charge a fee.