Our House, Was Our Castle and Our Keep
Our House, Was Our Castle and Our Keep – Why a Will Trust keeps it that way
Our homes are special, for so many reasons, Madness touched on the sentiments a family home evokes. It maybe the times you have had and memories created there, or it may be the journey that brought you to your home. But all our homes have a special place in our hearts and its imperative we protect them for the next generation.
When creating a Will it can be easy to over look effective ways of protecting your property for the future. All too often we assume that our property will pass direct to our partner and then our children. But other factors do come into play and taking the right precautions can prevent your home not passing on as you would wish.
We have all become aware of the cost of long-term care for the elderly and how the collateral in a property is used to pay for care. How that impacts on a partner and children can be devastating. By creating a Will trust for the property in your Will you actively take steps to protect and ring fence the asset you cherish most, and ensures your partner is secure for their lifetime, as highlighted by Which.*
A Will trust on a property acts to protect in many ways. Firstly by placing the property in a ‘tenants in common’ the property value is shared equally, which means that any care costs will only be calculated against a 50% share of the value not against the whole. This significantly reduces the impact particularly in terms of future inheritance.
Furthermore, it enables your share to pass direct to your chosen beneficiary/ies (such as your children) whilst enabling your partner to remain in the property for their life time. This protects from ‘sideways inheritance’ - which could happen if your partner remarries and does not provide for your children in their own will.
For more details on a Will that keeps your home at the heart of your family, contact Langham Wills Ltd on 01473 487611, email us on email@example.com or visit our website www.simplewillsonline.co.uk