PROTECTIVE PROPERTY TRUST WILLS
PROTECT YOUR PROPERTY AND THOSE WHO MATTER TO YOU.
Most couples own their home jointly, known as a joint tenancy. This means that they both own the whole property. On the death of a joint tenant, the home AUTOMATICALLY becomes the sole property of the survivor - who is then free to do what they wish with it. However this may not be in the best interests of the deceased's family:
If the survivor then remarries, it is possible that the whole of the house will then pass to their new spouse on their death, thus disinheriting the children of the first marriage.
If the survivor has to go into a Nursing or Residential Home, as the sole owner of the property, the Local Authority has powers to charge the cost of care against the value of the whole house, again disinheriting the children.
If the couple have children from a previous relationship and have made Wills leaving everything to each other on first death and then to the children they have between them on second death, there is nothing to prevent the survivor redrafting their Will and disinheriting the children from their deceased partner's first relationship.
A solution can be to change the way the home is owned from Joint Tenants to Tenants in Common - a straightforward process that doesn't involve the mortgage company even if the property is mortgaged.
WHAT DOES 'TENANTS IN COMMON' MEAN?
With Tenants in Common, each owner owns a share of the property.
Each owner can decide to leave their share to named beneficiaries in the event of death. This has a number of benefits. For example, by being able to protect your bloodline, you are ensuring that, if your spouse were to remarry, your wealth does not pass down another line of family.
For more information about Tenants in Common and Protective Property Trust Wills, call us on 01384 878950.
INHERITANCE MATTERS CAN HELP YOU ENSURE THAT YOUR HOME IS PROTECTED FOR YOUR BENEFICIARIES. CALL US TODAY ON 01384 878950 AND SEE HOW INHERITANCE MATTERS CAN HELP YOU WITH YOUR PROTECTIVE PROPERTY TRUST WILL.
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