While the title may sound complicated, Property Trust Wills are a very useful tool to protect or “ring fencing” a large part of your main asset for your children or other family members against Residential Care Costs.
Involving the family home, a carefully constructed Property Trust Will is created for both partners and upon the death of the first, his or her share of the property passes into the Trust. This protects that share of the Property in the event that the surviving partner will need to go into permanent care and will not form part of their assets for payment of residential care fees. For the surviving partner, substantial rights are granted by the Will to ensure their uninterrupted occupation and benefit to the property for their lifetime. The surviving partner could also move house and reinvest the Property Trust’s share into a new property or receive interest on any excess or proceeds if the property is sold
While primarily for those with concerns regarding Care Home Funding, Property Trust Wills can also be useful for those who wish to provide for second families, together with younger families where there is a wish to protect their children from a future remarriage by the surviving partner.