In the UK the majority of couples own their property as Joint Tenants – this means that regardless of what your Will says, your part of the property will automatically pass to the surviving owner of that property.
For most people this seems fine because the survivor is going to give it to the kids right?
Well yes in an ideal world but with the majority of widows under 65 remarrying wouldn’t you like to ensure that whilst your spouse/partner benefits from your assets when you go, ultimately your children receive all that you intended to give them on 2nd death. Because without being aware of this problem and doing something about it you are accepting that your assets may not get to your children after all.
In addition have you reviewed the cost of care fees lately?
If you enter into residential care and your assets total in excess of £14,250 it is likely you will be required to pay some or all of the care home fees which you can expect to be in excess of £4000 per month. Having paid income tax, council tax and plenty of other taxes all your life would you like your children’s inheritance to pay for your care?
The majority of our clients would like to ensure their children will ultimately inherit their estate regardless of who dies first and a property protection trust could well give you the solution and peace of mind you require when planning your estate.
Your Will Writing and Estate Planning consultant will cover this aspect during your appointment – there are a number of different solutions to this and your situation and wishes will dictate the advice we give.