The idea of protecting your interest in your home for the benefit of your family is very appealing.
Depending on your circumstances there are two solutions Complete Wills offer to help protect your house.
PROTECTIVE PROPERTY TRUST – FOR COUPLES
Where two or more clients own a property jointly we will ensure that they own the property as ‘tenants in common’ usually 50/50. This means there is an invisible dotted line down the centre of your house with you each owning one half.
In each Will, we create a Protective Property Trust which states that if you die first, your share of the house goes into trust for your children but giving the surviving spouse or partner the right to carry on living in the house. Effectively nothing changes, the survivor still pays the bills and up keep of the house just as before.
When the survivor eventually dies, your share of the house passes to your children in accordance with your Will.
Before they die, if the survivor remarries or goes into long term residential care, your share of the house is safe for your children and cannot be touched by any other party or creditor.
If the survivor wishes to move house then they can do so, the trust moves with them.
BENEFITS – Upon your death, keeps your share of your property in your family no matter what happens to your surviving partner (remarriage, residential care costs etc)
THE FAMILY HOME TRUST – FOR SINGLES OR COUPLES
Your home is transferred now, today, into a trust for the benefit of your family. You retain a ‘life Interest’ so you have the right to continue living in the property for your life.
The house is registered at District Land Registry in the names of your Trustees, usually you and your children, although other Trustees can be chosen if you wish.
The Trustees are the ‘baby sitters’ looking after the house and ensuring they act in accordance with your wishes.
Your family are potential beneficiaries of the trust and your Trustees decide when the beneficiaries benefit and from what. This usually happens upon your death.
During your lifetime you can sell and move house.