A Property Trust Will:
Taking care of your property
This is very similar to a Life Interest Will, but instead of leaving your residue or a chunk of money
into a trust, you leave your part in your home.
Most couples own their property as ‘joint tenants’. Don't be fooled by the word 'tenants' - it's got nothing to do with renting your property out. There are two ways that people can own a property together and the difference between them is what happens to their share when they die:-
"Owning as Joint tenants" - this means that on one persons death their share of the property instantly passes to the survivors - no matter what it says in that person's will. This is actually how most property is held in England & Wales
"Owning as tenants in common" - this means that on one person's death their share passes under their Will (or if they haven't made a will, under the rules of intestacy)
Even if you already own your property as Joint Tenants, we can split your property into ‘tenants in common’, allowing you to leave your half (or share) in the property in a trust in your Will.
When one of a couple dies, the survivor still owns their own half in the property. But the deceased’s share falls into the trust.
The survivor can move home if they like, but cannot be told to leave the property.
Once the survivor passes away, their half will go wherever they have stipulated it should go in their Will. BUT, the half from the person who died first will go where THEY wanted it to go. So both partners can look after their own children without any fear of (1) the survivor changing the arrangement, but (2) the survivor will always have somewhere to live.
This also means that you can leave your surviving partner all of your cash, and other assets, to ensure they can live comfortably when you have gone.
Another potential benefit of these Wills is that assets in a Property Trust may be protected if you have to go into a nursing home – but you must take specialist and subjective advice on this.