Property Trust Wills

When we saw Peter and Glynis a few weeks ago their first question was what would happen to their house if one of them needed to go into care. They were a typical couple. In their late sixties with two grown up children. They own their own house and have a few savings and have worked hard for everything they own.

We talked first about their wills. They had already done simple wills leaving everything to each other and then when the second of them dies, everything to their adult children. Simple is not always the best. If one of them had died and the other went into care it was possible that they would lose the house as when the first one died their share in the house would go to their spouse by survivorship and the whole value of the property could be used to fund their care.

We advised them to change the way they own their house, so that each spouse owns a one half-share which can pass under their will. We drafted new wills for them which included a property trust so that when the first of them died their half would be held in a trust. The surviving spouse would be able to continue living there for the rest of their days (or move to a new property if they wished on the same terms). When he or she finally died or sold to go into long term care then half of the house will automatically go to their children. If the survivor goes into care it means at the very least half of the value of the house is protected for the children.

If you have a similar circumstances, why not come and see us? We don’t charge for our first meeting, so you can talk to us without making any commitment.  If you find it difficult to get out we can come and see you. Telephone 0114 229 0160 to arrange a free initial appointment with one of our solicitors.