Wills, Tax and Trusts solicitors dealing with Property Trust Wills in Dorset
Property Trust Wills are for married couples who wish to provide for each other whilst gaining some protection against the cost of residential care fees.
Husbands and wives have a duty to provide for each other when the first of them passes away. There is also a possibility that, at that stage, the surviving spouse will need to go into a rest home or nursing home. If all the assets belong to the survivor then the vast majority may be spent in paying for the residential care fees.
To create Property Will Trusts, the couple first of all sever their joint tenancy in their home so that they each own their own share in the property. They must each then make Wills under which their respective shares in the property are held in trust but giving the survivor a right of occupation so as to ensure his or her continued occupation of the home.
The Wills would enable the survivor to move house and for the Property Will Trust’s share to be reinvested in the new property.
If the right to reside is for the rest of the survivor’s life then, if the survivor has to go into care and the property is sold, the Property Will Trust’s share of the sale proceeds would be invested within the Trust to produce an income for the survivor. Alternatively, the survivor’s interest in the Property Will Trust could cease when he or she goes into residential care and at that point the Property Will Trust would be distributed to the Beneficiaries.
Other uses for Property Will Trusts
- For couples on their second marriages in order to protect the first spouse’s share for his or her family
- For young couples to protect against premature death and subsequent remarriage of the survivor and ensure that the first spouse’s share passes to his or her chosen beneficiaries.
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