Your Will is an important document for ensuring your wishes are followed after you pass away. It is vital that your Will is drafted in a way that protects the interests of your intended beneficiaries and provides clarity as to your intentions.
To ensure your property is protected for your loved ones, you should consider using a Property Protection Trust alongside your Will.
In certain circumstances a jointly owned property can become 100% of the surviving joint owners, regardless of what the Will of the deceased joint owner says.
- If your partner decides to remarry, the house could pass to their new partner.
- If you have children, they may miss out on their inheritance.
- If your partner requires residential care the whole value of the house may be used to fund their care.
Under a standard Will, your children may not inherit anything in this situation.
How can I protect my property?
A Property Protection Trust seeks to mitigate the above risks from happening to protect your half of the property.
A Trust is a useful tool to ensure that your children’s inheritance is protected, providing you with the peace of mind that your wishes will be acted upon and can help prevent your share of the property from being disinherited from your children regardless of what your surviving spouse does after you die.
If you’ve recently purchased a property, or want more information regarding how to set up a Property Protection Trust or you want to review your Will, our dedicated private client team can help ensure your Will reflects your needs.
For more information contact Newnham & Jordan Solicitors today on 01202 877 400 to enquire about our Probate services.
- We offer confidential appointments in person or by Zoom.
- You are also welcome to email us at: privateclient@Newnham-Jordan.co.uk.
This article is intended for general information purposes only and shall not be deemed to be or constitute legal advice. Newnham & Jordan Solicitors, cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.