asset preservation Trust
Making a Will is not the only way to secure your future. You can also use Asset Preservation Trusts which is also known as an Asset Protective Trust. Trusts are a great way to keep assets safe, retaining security for you and your loved ones for the rest of your life. Trusts are, simply put, safety deposit boxes for your assets.
Do I need a protective property Trust?
If you are like most married couples, you probably know who you are going to leave your home to when you die. Worryingly if you and your partner own the property jointly then your plans may not be realised. Owning property jointly means you and your partner each own 100%.
So, when you die it will pass over to your other half regardless of what your Will says. You might be thinking that is fine. But what happens if your partner later goes into care and has no money to pay for it. The council can use the money from your house to pay for care fees. Leaving your children without the legacy you hope to leave.
Did you also know that when you marry or remarry, any Will that you have made previously is automatically cancelled? Without certain planning in place, children can often become disinherited. For example, if you die and your spouse remarries and then subsequently dies before their new partner, everything that you owned as a couple would now be owned by the remaining partner.
Happily, this can all be avoided by simply changing the ownership of your property to tenants in common and setting up a simple trust. In doing this you can protect your home from losing your share to care fees or losing it to a second marriage of your spouse. Do not forget you can protect your savings too in the same way.
The team at Trustmark Law are happy to help. We can help you put in place the Protected Property Trust through your Will. We can offer you other useful tools if you are looking to fully protect your assets.
Secure the family home for the benefit of your family. Plan inheritance tax and plan for care fees make sure you protect your property and the ones you love.