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Property Trusts

For most people their most valuable asset is their property so understandably this is the asset most people want to protect.

There are two different ways in which a property can be owned jointly;

Joint Tenants - This is when one owner dies and their share of the property automatically passes to the surviving owner, regardless of what the deceased's Will says. The surviving owner then owns the whole house and can dispose of it however they wish, be it during their lifetime or in their Will on their death.

Tenants in Common - This is where each owner has their own share of the property which they can leave in their Will to whoever they want, irrespective of whether they die first or second.

The two most common reasons why people wish to protect their assets are to protect against care fees and also to protect assets when you are in a second marriages.

1) Protection from Care Fees

Many people are concerned about what happens if they need to go into a care home and fear that their home and savings would be taken away from them to pay for their care.

At present, if a person enters full-time care and they have property, savings & investments worth more than £23,250 then, generally, they will have to pay the cost of their care themselves (figures correct as at 2017/2018).

More often than not when couples make Wills which leave their whole estate to each other on the first death. This means the survivor then owns everything. The problem with this is if the survivor goes into a care home all their assets, including those of the deceased, can be taken into account towards their care fees.

Asset Protection Trust Wills can ensure that your partner can still use and benefit from your assets if you die first, but if the survivor does ever need full-time care, your assets will not be used to pay for it.

2) Second Relationships

It is common for a couple to make Wills leaving their estate to each other on their first death and to their children or other family on the second death. However, this may not be suitable for couples who are in a second relationship, particularly if they have children from a previous relationship.

If a couple make Wills leaving their assets to each other on the first death, then the survivor will own all of the combined assets. The problem with this is the survivor is free to change their Will at any time and the first parties chosen beneficiaries could be cut out completely. The survivor could remarry which would mean their Will would automatically be revoked and, again, the chosen beneficiaries of the first to die will lose out.

Asset Protection Trust Wills can ensure that your assets, or share of joint assets, are received by the beneficiaries you choose, regardless of who dies

For more information, why not click the links below or download one of our helpful guides

Alternatively, give us a call on 01302 341414 (Doncaster) and 0114 272 1884 (Sheffield) and our friendly team will be happy to have a chat with you.

What other types of trust are available?

There are numerous types of trust available, the most common types are:

Asset Protection Factsheet 8.8.18.pdf
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carehome booklet - New images - sheffield 2.pdf
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Property Trusts

Call us today to discuss protection of your assets

01302 341 414 0114 272 1884
Wills, Probate and Trust Team Lead by Partners, Stephen Coates and Lauren Smith our Wills, Probate and Trusts team will help you plan for the future and protect your assets Meet the team

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Wills, Probate and Trust Team 

If you are looking for legal experts to help you with your Wills, Probate or Trusts needs, our team will give you a call back at the earliest opportunity. Alternatively, you can call our Doncaster office on 01302 341414 or our Sheffield office on 0114 272 1884
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