Trusts

Property Protection Trusts | Lifetime Trusts

– Trusts

Incorporating a Property Protection Trust or Lifetime Trust into your will(s) can help ensure that wealth is transferred to the people that you want to leave it to and not accidentally lost to others upon remarriage or other incident known as accidental sideways disinheritance.

Sussex Wills law-firm-01 Trusts and Asset Protection

Property Protection Trust or Lifetime Trust

When couples add a property protection trust to their will it means that on the death of the first spouse or partner the capital asset(s) placed in the trust are not owned by the surviving  spouse or partner. They are instead held in a trust which gives them beneficial use of the asset(s) until their own passing upon which point the capital assets within the trust are bequeathed to the beneficiaries originally named in the first will.

Because the capital asset(s) in the trust is not owned by the surviving spouse/partner, it cannot be given away by them either intentionally or accidentally to a new spouse or partner, it also cannot be assessed if the survivor needs to end their days in a care home.

Process

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The trust is added into the will(s)

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The trust only becomes active upon the death of the first Spouse or Partner

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The trust runs the capital asset(s) until the date or moment nominated.

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Upon the death of the surviving Spouse or Partner the asset is passed in full to the beneficiaries.

Final Result

Because the asset is not owned by the surviving Spouse or Partner it cannot be accidentally left to a third party through remarriage and intestacy laws that may then apply as existing wills are invalidated by marriage. This prevents accidental sideways disinheritance to the beneficiaries originally envisaged in the original wills.  As an added bonus it also means that the Property bequeathed in trust cannot be used to pay care home fees for the surviving spouse.

Property Protection Trust – Case Studies

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Jane Doe vs. Amet Site

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