A Will Trust helps protect your share of your home’s value in the future. You can also ensure that your estate will pass onto your loved ones, exactly as you wish.
Want to find out more about a Will Trust? Contact us now.
How does a Will Trust work?
Although a Will makes your wishes known, it may not provide protection for your assets. Your half of your home’s value may be at risk of being passed to another family after remarriage (sideways disinheritance), or used to fund your partner’s care costs.
Will Trusts are usually set up by married couples and civil partners who own their home jointly. The ownership of the home is split to ‘tenants in common’, so each partner has 50% of the property. Each half is then left to the Trust, rather than to each other.
If you jointly own a home, your share will automatically go to your partner when you pass away. If they remarry, a Trust written into your Will protects your half of the property, so your assets pass on correctly. Prevent your loved ones from being disinherited and set up a Trust with Clarke & Wright.
If you or your partner need care in the future, only one half of the home can be taken by the local authority to pay for care costs. This means your loved ones will receive their inheritance just as you intend.
Benefits of a Will Trust
With a Will Trust, you and your family can enjoy many benefits:
- Complete control of your assets
- Your estate will be distributed to your exact wishes
- Protection from care costs
We include a Will when you take out a Will Trust, to ensure your estate is securely protected.
You will also still be able to move home. The Trust is simply altered, and your new home will be covered and protected.