Protective Property Trust Will Disaster
If you know anyone who has protective property trust Wills (clue: severance of tenancy is involved) they should contact us to get their Wills checked. Enquire
Do you have Protective Property Trust Wills? If so, read on…..
This does NOT apply to all protective property trusts, but all should be checked.
“Protective Property Trust” is one name for Wills written for couples who own a home together. Essentially, the home is split in two (the “tenancy is severed”) so that each person owns 50% (usually). When the first of the couple dies, their share of the home goes into a Protective Property Trust, so that the survivor has a lifetime right of residence, and that half of the home is safe from creditors – such as Local Authorities for Care Fees.
Protective Property Trust Wills do have other advantages.
Protective Property Trusts are still a valid way of working, the problems arise from badly designed and widely used legal precedents where the default beneficiary of the Protective Property Trust on death is the spouse or partner, thus removing the protection.
If you have Protective Property Trust Wills, you should get them checked, either by the firm that wrote them or by our firm, which will charge a fee of just £20 to review this issue for you. It is simple to correct, and if no other changes are needed then a further £30 will correct both Wills. Should you decide to join our ongoing Peace of Mind Service, there will be a discount on even this modest fee.
These days we only recommend Protective Property Trust Wills for some younger couples and other folk who just can’t afford a full property trust which, in the long run, is actually cheaper.
There is a better form of protection that the Protective Property Trust – if you decide to upgrade to that we will re-write your Wills free of charge. The Assets Protection Secrets booklet gives details.
If you would like us to review your Wills, please use the enquiry form, but remember that the original writer should do so free of charge. A simple letter to the firm you got your Will from asking them to confirm that the precedents used in your Protective Property Trust Wills will work should do the trick, so you don’t need to pay us!
If you would like to ask our advice, contact Legacy Trusts TPD Ltd through the link below.