What is a Property Trust Will?
If you don't have this Trust written in your Will, the following scenarios may unfortunately occur:
After your death, if your spouse remarried and then passed away, their new spouse could inherit the whole property. Consequently, your children could lose out completely.
The entire property value could be at risk of being used to contribute towards care fees leaving nothing for your Beneficiaries.
How does this work?
Your property is severed at HM Land Registry to make you Tenants in Common, meaning you each own a specific share of the property (usually 50/50).
Upon death, the deceased person's share of the property would be held in Trust and managed by the Trustees you appoint.
The surviving spouse can continue living in the property for as long as they need and have the freedom to move to a new house or downsize if they so wish.
If the surviving spouse were to need care, only their half of the property could be used towards their care costs safeguarding the deceased person's share.
When the Trust comes to an end, the property is distributed to your Beneficiaries.