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North Country Wills
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Asset Protection / Property Protection Trust (PPT)What
is a PPT? It
enables you to leave your share of your property into a trust through your will
for the benefit of your children or other stated beneficiaries.
The surviving co-owner can continue to live in the property on first
death rent free. If the surviving
co-owner should go into care or remarry, then the deceased co-owners half of the
property is protected and will pass to their beneficiaries. How
do you own your property? For
a PPT to work, you must own your house as tenants in common.
Most couples buy their property as joint tenants.
This can be checked on either your property deeds or with the Land
Registry. To change from joint
tenants to tenants in common all that is required is a deed of severance and
this would be carried out as part of the process of drafting the wills. When
would I need to consider having one in my will? If
you were married previously and would like to ensure your children from your
first marriage benefit from your will. Also,
if you have concerns that either you or your spouse / partner may need long term
care in the future, for example, family history of illness. Cost
of Long Term Care The
Community Care Act 1990 means that if you have assets over £21,500 after 13
weeks in care you will have to fund all your long term nursing care.
All your assets that you own will be assessed, including your savings and
property that you own. Please
remember it is illegal to deliberately deprive yourself of your assets in order
to avoid paying care fees and this includes giving away your property to your
children. A PPT doesn’t do
this, it just enables you to decide who is going to receive your share of your
property. For more information, please contact us. |