What is a Property Trust Will and Why Might You Need One?

For many families, the home is their biggest asset, therefore they want to make sure it is protected and eventually passed on to their children or chosen loved ones. One way to do this is with a Property Trust Will.

A Property Trust Will allows you to leave your share of a property (usually your home) in trust, rather than giving it directly to the surviving partner when you pass away. This means your partner can continue living in the home for the rest of their life, but your share is safely set aside in trust for your beneficiaries, such as your children. Should you wish to put any restrictions on this, you can even do so in agreement with your partner at the time of preparing your Wills.

The benefit of a Property Trust Will is that it can also help protect against care home costs. If the surviving partner requires care in the future, whether that be at home or in a care facility, only their share of the property may be considered for care fee assessment, while the other share remains protected for your beneficiaries.

To put this in place, couples usually change the way they own their home from “joint tenants” to “tenants in common.” This means each person owns a defined share of the property and would no longer pass to your partner automatically under survivorship. Then, through the Will, that share is placed into trust when the first person dies. If you are unsure on how you and your partner own your property, we can assist with investigating the title deeds to your property.

It is important to note the following steps which need to be actioned when the first one of you passes:-

• Grant of Probate must be obtained
• Your property’s title must be updated with HM Land Registry
• The Trust must be registered

At Hopkins Solicitors, our experienced Wills & Estates team are here to guide you through every step of the process, from reviewing how you currently own your property, to drafting a tailored Property Trust Will that protects your home and your loved ones’ future. Every family’s circumstances are unique, so taking professional advice can give you peace of mind that your wishes will be carried out exactly as you intend.

If you’d like to explore whether a Property Trust Will is the right option for you, contact our friendly Wills & Estates team today. We are happy to answer your questions and help you put the right protections in place for your family.