If you’ve worked hard all your life to pay for your house then you’ll know it’s important to protect the family home. You probably already pay for insurance on the building and the contents inside it so why not also ensure that you make sure it’s protected after your death?
It’s an easy enough job to do for couples who own the family home Jointly. If there’s two names on the Title at the Land Registry then you would need to change the house to Tenants in Common, that puts an imaginary dotted line through the family home so that each owner can control their half of the house in their will. It also serves the purpose of putting the asset in two baskets rather than having all your eggs in one basket so to say.
With the family home owned as Tenants in Common it’s then feasible to write your wills with a Trust in so that, on first death, half the hoe can be used as an asset to go into such a trust. From that point onwards half the value of the house is protected and cannot be lost to new partners, husband’s wives, or creditors of the surviving spouse or partner.
There’s 2 types of trust used for this ring-fencing job, a Life Interest Trust or a Discretionary Trust, the choice would be yours, for more info on each please either call us to discuss your individual requirements or read further on the links.
All other items that form your estate can pass down your preferred route, usually for most families, this is to each other between the spouses and then, when both parents have passed away, equally divided between the children. This of course is completely up to you. Please get in touch to discuss your personal needs and requirements.