Protecting what you own and making sure your assets end up in the right hands is of great concern to many people.
The greatest concerns seem to be:
Some are tempted to give away assets during their lifetime or transfer the ownership of property into their children's names, but these are not safe or effective ways of ensuring your assets get to the right people.
The truth is, a ‘standard’ Will may not be enough when it comes to protecting your assets. Trusts are a safe and effective way of protecting assets and can be used in a variety of situations.
The most common type of trust is known as a Protective Property Trust. The first step towards having this type of trust is for 2 people who own their property jointly to own it as Tenants-in-Common. This means that each person has a defined share in the property, for example 50/50. This is called a ‘Severance of Joint Tenancy’. Informing the Land Registry of this change is a straight forward process that will be taken care of for you.
Protective Wills include instructions to place the deceased’s share of the property in a trust upon the first of you to die. This has the effect of ‘ring-fencing’ or protecting half of the property when the first of you to dies from such threats as:
Importantly, protections are in place for the surviving spouse as they will be given a life interest in your property. This means that the surviving spouse can:
After meeting with you to discuss your personal requirements and concerns, we will be happy to make a personal recommendation in relation to the use of trusts.