Protective Property Trusts (PPT) are an extremely effective way for couples to protect their share in a property thereby ensuring there can be no third-party interference.
The PPT sits alongside your Will. In the first instance, if the property is Jointly Owned we sever the tenancy at the Land Registry and you become Tenants in Common rather than Joint Owners. Normally you will each own 50% of the property although this can be adjusted according to your wishes.
A PPT is a great way of enhancing your Will. On the first death, your half of the property is passed on as you choose. You may for example pass your share onto your children via this trust but the condition of the trust is that the surviving spouse can live in the property until their dying day. One of the main advantages is if the survivor were to subsequently go into a Care Home, they may be expected to fund their own care from their half of the property. However, the share previously owned by the now deceased spouse would remain untouched and would pass in its entirety to the intended beneficiaries.
By applying a PPT to your Will it means that whoever dies first can be sure that their half of the house will eventually pass on to their loved ones. It cannot be considered by local authorities when assessing Care Home fees if the survivor needs care in the future.
Although for many it’s an unpleasant thought, if a surviving spouse were to remarry, any previous Will would become null and void. This obviously would be a great threat to your intended beneficiary’s inheritance particularly if your spouse were to die first. A PPT insures against this happening thereby ensuring your half of the estate remains in your bloodline.
To hear more about these Protective Property Trusts, give us a call today and we will be happy to arrange for one of our local advisors to meet with you in person and explain everything you need to know in order to consider if a PPT is right for you.
These Trusts are both affordable and extremely effective and cost £399.