Property Protective Trust

sabelu

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%?

Mojisola

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

sabelu wrote: »

Just to add that the advice was for 50% of the property why wouldn't it bee 100%?

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?"

sabelu

Mojisola wrote: »

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.

Yes I'm aware this is an up sell precisely why I'm looking for some guidance

sabelu

00ec25 wrote: »

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?"

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.

Mojisola

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

sabelu wrote: »

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%?

sabelu wrote: »

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.

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

sabelu

Not confused in the slightest :rotfl: 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

johnpope

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

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.