This trust, available to married couples or civil partners, protects the deceased partner’s share of property for their children while allowing the surviving partner to live there for life. The trust ends upon the second partner’s death, enabling the use of the Residents Nil Rate Band inheritance tax allowance, and shields the property from remarriage, debt, and changes to the surviving partner’s Will—particularly useful for blended families at higher risk of inheritance disputes.
A property trust can protect your home and ensure that your share of the property is passed on according to your wishes. It can provide security for your loved ones and help manage inheritance effectively, often offering protection from future financial liabilities.
Here are the answers to a few of our most commonly asked questions about property trusts. If your question isn’t answered here, or you’d like to find out more about whether a property trust is right for you, please get in touch.
Property trusts can be really important if you own a property jointly with someone else, or if someone lives in your house with you but doesn’t own it. Rather than leaving your share of your property to your co-owner or partner if you die first, a property trust means that they can stay living in the house without owning your share of it. Instead, your assets will go to your chosen beneficiaries when the co-owner passes away.
One of the main reasons that people choose to have a property trust is to protect their assets if their spouse remarries. If you leave your share of your property to your spouse outright, they will then own the whole house. So if they remarry, your assets could end up being inherited by their new spouse, or even the new spouse’s children, rather than your own children or preferred beneficiaries.
Another reason that people choose to have a property trust is to help protect your share of the property from being used up in care home fees. If you leave your estate to your spouse or partner outright, and they need care in later life, then all of their assets will be taken into account, and may be used to fund the cost of care. Having a property trust in place could mean that only your spouse’s share of the property is taken into account, reducing their responsibility for fees and protecting your share of the property.
Safeguarding your property through a trust ensures your estate is managed in line with your wishes and protects your loved ones in the future. Get in touch with us today to find out more and start setting up your property trust.
We’re looking forward to helping you get your estate planning sorted.
Don’t worry if you’re not sure where to start. We’re here to guide you through the process.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
