Protective Will Property Trust
What is a Protective Will Property Trust?
It is a Will that offers some protection for your property. It could prevent your home from being interfered with by a third party, for example being means tested for care home fee assessment.
It's designed for couples, so when the first partner dies their share of the property is placed in a Trust for the beneficiaries, usually children or family.
If the surviving partner remarries, the deceased’s share of the property is fully protected for the original beneficiaries. This means that if the surviving partner needs residential care, only their half of the house is regarded as an asset. The half in trust is protected from assessment.
What does it mean for the surviving partner?
The surviving partner has the right to live in the property for the rest of their life. They cannot be evicted by the trustees.
The surviving partner can sell the house if they wish and buy another, but any profit will be split equally between them and the trustees.
The surviving partner usually controls the Trust with at least one other person, typically another family member.