The cost effective way of protecting some of the equity in your home.
This trust is designed for couples that own their own home jointly but also wish to ensure that they have protected at least 50% equity in their home and:
• the right person whom you wish to inherit your share of the property receives it at the right time
• children from a previous relationship are not disinherited
• protect the inheritance for someone so that they do not squander it away e.g. on alcohol, drugs or being a spendthrift, etc
• protect their share of the property against possible hostile creditors, third party claims or any unforeseen fees or bills that may arise in the future and have not been previously accounted for
How it works
• Ownership of the property is as tenants in common so that each partner/spouse each owns a share – usually 50/50
• the directions for trust is included in each will with a life interest for other partner/spouse
• when the first partner/spouse The Property Protective Trust is set up and their share of the property is held in trust for their chosen beneficiaries
• the survivor has a life interest in the property to live there until their death and during the lifetime of the survivor they can sell the property and buy another one and the trust is transferred to the new home thus still protecting the interests of the beneficiaries of the first to die
• upon the death of the second partner/spouse, the trust is dissolved and the house is sold and the proceeds divided amongst all the beneficiaries as per instructions in the trust and the will of the second person to die.