The simple way to protect your home.. Property Protection Trust
40,000 homes sold annually to cover care fees
For many individuals, a significant worry revolves around the possibility of their home being sold to cover care expenses later in life. This concern often arises when a simple mirror Will has been established.
The majority of people own their property jointly as Beneficial Joint Tenants, a setup wherein the house typically passes to the surviving spouse after the first death, and subsequently to their children or chosen beneficiaries after the second death.
Given that over 60% of British seniors lack a written Will, and of the remaining 40%, a large portion have a mirror Will, it becomes evident that such arrangements may not adequately safeguard their homes if one spouse passes away and the other requires care or remarries.
To address this concern, a Property Protection Trust (PPT) must be established while both partners are alive. This arrangement ensures that Mr. and Mrs. jointly own 50% of the property each, known as ‘Tenants in Common.’ This precautionary measure prevents the property from being inherited by unintended beneficiaries.
A Basic Will
At present, individuals with assets exceeding £23,250 in England or £50,000 in Wales may not qualify for state assistance with care expenses. Consequently, families may find themselves compelled to sell their homes in order to finance the required care.
In the event of your passing followed by your partner's remarriage and subsequent passing, your property may be inherited by someone else's children by default.
Your children may not inherit all of your estate
A PPT Will
Following the incorporation of a Property Protection Trust into a new will, upon the passing of a spouse, their portion of the property will be allocated to the selected beneficiaries, typically children or grandchildren.
Establishing the Property Protection Trust (PPT) while both partners are alive ensures that 50% of the property value is automatically safeguarded upon the first death. This provision prevents authorities from selling the house to cover care costs for the surviving partner.
The surviving spouse will also enjoy a 'right of occupancy,' granting them the ability to reside in the property for as long as they desire.
How does it work?
If you die and your spouse/parter remarries, your share of your property is protected, therefore your share will go to your beneficiaries, preventing sideways disinheritance.
A Property Protection Trust is also used for couples whom have children from different relationships. It ensures that each partner’s share of the property goes to their own child or designated beneficiary, while allowing the surviving partner the legal right to live in the property for the rest of their life
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