Property Protection Trust Cambridge
Many people living within the UK, currently do not have a will. If you do not have a will, now is the time to take action and to seriously consider writing a will. Doing so will protect your assets once you die, so that your loved ones are looked after financially upon your death.
There are many different types of will that are available for both individuals and couples. Sometimes it can be a little confusing as to what wills are best suited to your personal needs and circumstances, and this is when we can help guide you. Our professional and friendly will writing professional will help to guide you trough the process of writing a will, and will advise you on the best will for your needs. We also arrange a time and place that is convenient for you. One type of will that many people consider is a Property Protection Trust.
What is a Property Protection Trust?
A Property Protection Trust, sometimes known as an Asset Protection Trust, is a will that works a little differently to other trusts, as your wishes regarding the financial status of your property(s) is granted straight away, and not on your death. What happens when you create a PPT is that your property is gifted straight away to the PPT, but allows you to still live in your property. Ultimately it protects the value of your property and your surviving spouse or partner. Upon your death, half the share of the property will pass into the PPT, meaning that your partner is cared for financially. What then happens upon their death is that the trust fund then passes on to any remaining children or other named individuals stated in the will.
Residential care costs
Another advantage is that if you do need to go into residential care as you age, then the value of your property will not be used in order to pay for your care. Therefore your care needs regarding accommodation will be assessed on a minimal asset basis. However, there is a small warning that should be made clear when creating this type of will to eradicate the need for paying residential care costs. The half share of the property that belongs to the survivor, may be viewed as a capital asset and therefore used as part of the financial assessment.
Who should create a PPT?
Anyone can create a PPT, but the vast majority of people are those whose spouses will need long term residential care. Therefore, those individuals who are in poor health or who have a disability.
How is the PPT implemented?
With our will writing service, we can help both you are your partner to write a will, with both of you leaving the share of your home info the PPT that is incorporated into part of the will What is also important to remember when creating a PPT, is that the property should be owned with your joint names, and that you are both stated as tenants. This is needed for the half share of the property to pass to the remaining spouse upon your death.