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  • FIRST POST
    • sabelu
    • By sabelu 11th Nov 17, 10:27 AM
    • 1,067Posts
    • 100Thanks
    sabelu
    Property Protective Trust
    • #1
    • 11th Nov 17, 10:27 AM
    Property Protective Trust 11th Nov 17 at 10:27 AM
    Am just making will with wife and was advised to take out a property protective trust which will be a further cost (c£750) is this good value, necessary etc any advice articles etc?
    Just to add that the advice was for 50% of the property why wouldn't it bee 100%?
    Last edited by sabelu; 11-11-2017 at 10:29 AM.
    It pays to challenge
Page 1
    • Mojisola
    • By Mojisola 11th Nov 17, 10:29 AM
    • 28,545 Posts
    • 72,698 Thanks
    Mojisola
    • #2
    • 11th Nov 17, 10:29 AM
    • #2
    • 11th Nov 17, 10:29 AM
    Are you using a will writing company rather than a solicitor?

    This is the kind of thing they suggest to push up the price you end up paying for a will.
    • 00ec25
    • By 00ec25 11th Nov 17, 10:40 AM
    • 5,382 Posts
    • 4,732 Thanks
    00ec25
    • #3
    • 11th Nov 17, 10:40 AM
    • #3
    • 11th Nov 17, 10:40 AM
    Just to add that the advice was for 50% of the property why wouldn't it bee 100%?
    Originally posted by sabelu
    sounds like you don't actually understand what one does?

    https://www.wrighthassall.co.uk/knowledge/legal-guides/2012/11/14/guide-property-protection-trust-will/

    "A property protection trust will is a will designed to help protect your property from an assessment to long term care fees. The half share of the family home belonging to the first person to die, passes into the trust"

    "It is a will for couples who are concerned that one of them may need long term care at some point in the future."

    Isn't it easier if we simply give half of the property to our children when one of us dies?

    "Isn't it easier if we simply give half of the property to our children when one of us dies? It might seem more straightforward, however, you are vulnerable should any of your children become bankrupt, get divorced or die during your lifetime?"
    Last edited by 00ec25; 11-11-2017 at 10:45 AM.
    • sabelu
    • By sabelu 11th Nov 17, 10:51 AM
    • 1,067 Posts
    • 100 Thanks
    sabelu
    • #4
    • 11th Nov 17, 10:51 AM
    • #4
    • 11th Nov 17, 10:51 AM
    Are you using a will writing company rather than a solicitor?

    This is the kind of thing they suggest to push up the price you end up paying for a will.
    Originally posted by Mojisola
    Yes I'm aware this is an up sell precisely why I'm looking for some guidance
    It pays to challenge
    • sabelu
    • By sabelu 11th Nov 17, 11:03 AM
    • 1,067 Posts
    • 100 Thanks
    sabelu
    • #5
    • 11th Nov 17, 11:03 AM
    • #5
    • 11th Nov 17, 11:03 AM
    sounds like you don't actually understand what one does?

    https://www.wrighthassall.co.uk/knowledge/legal-guides/2012/11/14/guide-property-protection-trust-will/

    "A property protection trust will is a will designed to help protect your property from an assessment to long term care fees. The half share of the family home belonging to the first person to die, passes into the trust"

    "It is a will for couples who are concerned that one of them may need long term care at some point in the future."

    Isn't it easier if we simply give half of the property to our children when one of us dies?

    "Isn't it easier if we simply give half of the property to our children when one of us dies? It might seem more straightforward, however, you are vulnerable should any of your children become bankrupt, get divorced or die during your lifetime?"
    Originally posted by 00ec25
    Have to say I did understand the make up and consequences but was looking for a wide range of views but thank you for your contribution.
    It pays to challenge
    • Mojisola
    • By Mojisola 11th Nov 17, 11:09 AM
    • 28,545 Posts
    • 72,698 Thanks
    Mojisola
    • #6
    • 11th Nov 17, 11:09 AM
    • #6
    • 11th Nov 17, 11:09 AM
    If a couple own their house as 'tenants in common', then each can leave their share of the property to someone other than the spouse. The spouse can be given a life-interest with the option to sell up and move elsewhere and it should also be set out in the will who is responsible for maintenance, insurance, etc.
    • 00ec25
    • By 00ec25 11th Nov 17, 11:38 AM
    • 5,382 Posts
    • 4,732 Thanks
    00ec25
    • #7
    • 11th Nov 17, 11:38 AM
    • #7
    • 11th Nov 17, 11:38 AM
    Am just making will with wife and was advised to take out a property protective trust which will be a further cost (c£750) is this good value, necessary etc any advice articles etc?
    Just to add that the advice was for 50% of the property why wouldn't it bee 100%?
    Originally posted by sabelu
    Have to say I did understand the make up and consequences but was looking for a wide range of views but thank you for your contribution.
    Originally posted by sabelu
    then why are you confused over the 50% v 100% question?

    either you are prepared to pay for the trust to safeguard against the vulnerability mentioned, or you are not, because you do not consider that a realistic risk for the extra cost
    Last edited by 00ec25; 11-11-2017 at 6:54 PM.
    • sabelu
    • By sabelu 11th Nov 17, 1:10 PM
    • 1,067 Posts
    • 100 Thanks
    sabelu
    • #8
    • 11th Nov 17, 1:10 PM
    • #8
    • 11th Nov 17, 1:10 PM
    Not confused in the slightest however asking the community for thoughts and opinions of the process, quite prepared to pay but is the cost in this instance £750 or could I get better value elsewhere
    It pays to challenge
    • johnpope
    • By johnpope 13th Nov 17, 10:08 AM
    • 4 Posts
    • 1 Thanks
    johnpope
    • #9
    • 13th Nov 17, 10:08 AM
    • #9
    • 13th Nov 17, 10:08 AM
    A property security trust will is a will intended to help shield your property from an evaluation to long haul mind charges. The half offer of the family home having a place with the principal individual to pass on, goes into the trust. This sort of trust is otherwise called an existence intrigue confide for the survivor which implies that they can profit by the offer of the house in the trust amid his/her lifetime and on their demise the trust support goes to others, ordinarily offspring of the family.
    • SallySunshine
    • By SallySunshine 15th Nov 17, 4:55 PM
    • 646 Posts
    • 221 Thanks
    SallySunshine
    Sabulu, I suggest you also look on the Deaths, Funerals and Probate forum, lots of good advice on there as I have just found.
    Just added what you are asking to an ordinary will, apparently it is quite a common but doesn't come under that name or cost.
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