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Property Trust Wills

1 reply 84 views
ShankersShankers Forumite
12 posts
First Post
MoneySaving Newbie
I'd appreciate some insight into 'property trust wills.'

Current situation: mid-30s, married, one child (and another on the way), we have a buy to let mortgage on a property as we're living in work accommodation, and my wife and I have no wills. With older relatives, we've heard a lot in recent years about homes being sold to provide for care.

What are peoples' views about the pros and cons of property trust wills? Would putting a property into trust affect things like landlord insurance and other contracts we may have pertaining to the property (i.e., would it affect premiums or simply involve the reissuing of documentation to reflect changes made)?

We're looking at Co-op Legal to arrange mirror property trust wills. Have people had any experience of them? What are they like to deal with? 


  • edited 30 March at 4:59PM
    pphillipspphillips Forumite
    894 posts
    Fourth Anniversary 500 Posts Name Dropper
    edited 30 March at 4:59PM
    Here's my insight on mirror property will trusts:

    If the property is held as a joint tenancy, both spouses must die before the trust comes into effect.

    If you hold property as tenants in common, the trust comes into effect after the first death.

    The trust can only protect the share of the property of the spouse who dies first from care fees.

    The trust can only offer protection from local authority care fees, not private care fees.

    This is the law as it currently stands and offers no protection against future reforms.

    Property will trusts can also be an effective way of preserving property for future generations.
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