There are several types of will that a person can write, and one is called a property trust will, which ensures that your property is protected. The first person to die in a partnership has their half share of the property put into a property trust will, which ensures that your partner can live in the family home for the rest of their life, and usually, after that, the property is then left to any remaining children.
Long Term Care Restrictions
This means that if the surviving partner needs long term care, at least 50% of the property value must go to the children when the surviving partner dies. As an example, let’s say Mr. and Mrs. Smith own a property, and they take out a property trust will, and shortly after, Mr. Smith passes away. They have two children, and Mrs. Smith is entitled to half of the property by law, but the other half that belonged to Mr. Smith, cannot be used in any way, and that share of the property will be inherited by the children when Mrs. Smith dies. If you are living in the UK, and would like more information on this topic, there are online companies that specialise in property trust wills in Hampshire, or any other county, and they are happy to send a representative to your home to discuss the matter further, and if you are agreeable, the process can begin.
Both partners would compose a will, leaving both shares of the property to a property protective trust that is set up within the will, and this ensures that the remaining partner cannot use the deceased person’s share of the property for long term care fees, and that guarantees there will be something for the children.
Writing a will requires expert legal advice, as the very wording can often be misinterpreted, and in order to ensure that the will actually states your exact wishes, it needs to be checked by a legal expert. Modern solutions mean someone will visit you at home and discuss your will options, and this service is usually free and you are under no obligation to go ahead with the will writing, should you not feel comfortable with its contents.
This type of will is preferable if there is a chance of the surviving partner requiring long term care for a prolonged period of time, and it prevents the entire estate being used for long term care costs, which ensures that any surviving children have something at the end of the day. There are many ways to protect your estate, and by discussing your options with an expert, you can select the right type of will that gives you what you want, and once the will has been written, it can be amended at any time, should you wish to make any changes.
It makes financial sense to make the relevant preparations, as nothing in this world is certain, and with expert assistance, you and your partner will have peace of mind by ensuring that the children are protected.