Trusts
Property protection trusts
For couples who want their partner to stay in the home for life, but want their own share to end up with their children. A common, sensible arrangement, usually written into your wills.
- Members of The Society of Will Writers
How a property protection trust works
Most couples own their home jointly. With a property protection trust, you change the ownership so that each of you owns a separate share, and your wills leave that share into a trust rather than outright to your partner. Your partner has the right to live in the home for the rest of their life, or to move and have the trust's share used for a new home. When they die, your share passes to the people you chose, typically your children.
What it can protect against
- Your partner remarrying and the home passing to a new family
- Your partner changing their will after you have gone
- Your share being used up by your partner's care fees, if you die first
- Your share being lost if your partner faces bankruptcy or a claim
What it does not do
A property protection trust does not protect the survivor's own share from care fees, and it is not a way of hiding assets. It protects the share of the first of you to die, for the people you name. That is a realistic, legitimate aim, and we will explain it clearly so you know exactly what you are putting in place.
Common questions
Do we have to change how we own our home?
Usually yes. If you own as joint tenants, the home passes automatically to the survivor regardless of your will. Severing the joint tenancy so you own as tenants in common lets each of you leave your share by will. It is a simple step and we will explain it.
Can the surviving partner move house?
Yes. The trust can be drafted so the trustees can sell and use the trust's share towards a new property.
Is this the same as putting the house in trust now?
No. This trust only takes effect on the first death, through your will. Lifetime trusts of the home are a different thing, with different risks, and we will talk through both honestly.
Where we work
Home visits across Norfolk and Suffolk
We are happy to come to you. These are some of the towns we regularly visit.
Ready to talk it through?
Get in touch and we will arrange a time that suits you. We are happy to come to your home if that is easier.