Evening and Weekend Home Visits Available In Horsham, Crawley & Surrounding Area.
Evening and Weekend Home Visits Available In Horsham, Crawley & Surrounding Area.
Sideways Disinheritance
This is where your children do not inherit your estate as you intended, usually this is unintentional and occurs when a surviving spouse remarries, doesn’t make the relevant provisions in their new Will and all their assets pass to their new spouse and then to his direct blood relatives.
Your spouse can still change their Will after your death so it is possible that any children you have from previous relationships may lose out if they are omitted from the new Will so it is advisable to have a more comprehensive Will in place for these situations to ensure that your beneficiaries are protected. Property Protection Trusts can help you achieve this.
You should also keep in mind that if you don’t have a Will under the Government Intestacy laws Stepchildren do not inherit from your estate so it is essential to have a valid Will in place to ensure your stepchildren are equally provided for.
Why Use A Property Protection Trust?
A Property Protection Trust can protect your share of the family home for the benefit of your children/beneficiaries whilst allowing your spouse or partner to benefit from those assets during their lifetime. This is achieved by changing the way your property is held on the land registry from joint tenants to tenants in common so that you both own a specific share of the property. (this does not affect any mortgage arrangements)
Your share is then placed in Trust for your selected beneficiaries on your death. Your Spouse or Partner is allowed to benefit from income produced from the assets in Trust but not the capital and they can continue to live in the property until their death at which point the trust assets will be passed to your children or other named beneficiaries.
Using a Property Protection Trust will ensure that your share of the property will be inherited by your children and avoid them being accidentally disinherited should your surviving spouse remarry or change her Will after your death.
Your share of the property is also protected from being used towards care home fees should your spouse need to enter long term care.
Example:
How a Property Protection Trust Can Protect Your Children’s Inheritance.
John and Sue are married and have 3 children, they own their home as tenants in common and each own 50% of the property. They have Mirror Wills that leave all their assets to each other however John sets up a Property Protection Trust leaving his share of their home directly to their children with Sue being granted a life interest to remain in the property for the rest of her life.
After John dies Sue remarries and her share of the property then passes to her new husband on her death who then leaves it to his own children.
In this situation if John hadn’t used a Property Protection Trust his children would have lost their entire inheritance as it would have passed to Sue’s new husband and then to his children. Using this type of trust John has ensured that his children still benefit from his 50% of the property.
Advantages
There are no legal ways of avoiding care home fees but by using a Protective Property Trust you can preserve a share of your property for your children whilst giving your surviving partner a greater range of choice of how they will meet their care needs rather than just having to sell their home.
Call Or Email Us Today to discuss your requirements and to arrange a Free No Obligation Consultation. Our Property Protection Trust Wills start at £300 for a Single Will and £500 per couple.
Call Or Email Us Today to discuss your requirements and to arrange a Free No Obligation Consultation.
Our Property Protection Trust Wills start at £300 for a Single Will and £500 per couple.
Will Trusts are used where your situation is more complicated than just leaving everything to your spouse or children and can are used to:
A Discretionary Trust in your Will gives your trustees the ability to use their discretion when managing the assets being held for your chosen beneficiaries, this can be an advantage if you are unsure of how to distribute your estate and allows your trustees to adapt their decisions to your beneficiaries personal circumstances and needs. For Example if one of your beneficiaries is disabled/vulnerable or became ill and needed treatment your trustees can prioritise that beneficiary to give them additional Support.
You may think that certain beneficiaries may not be mature enough to deal with an inheritance when they are 18 so this allows you to select at what age your beneficiaries will inherit whilst allowing the trustees to provide financial support for school/university fees or when needed.
Raine Financial Ltd
50 Hurst Court, Horsham West Sussex RH12 2EW
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Raine Financial Ltd