You can include a Protective Property Trust (PPT) in your Will if:
- You do not wish to leave your share of the property to your spouse or partner.
- You do not wish your share of the property to be used for the cost of care in old age.
- Your survivor remarries and you do not wish your share of the property to go to that new spouse or partner.
- Your survivor has additional children and you do not wish your share to be diluted before going to your children.
- You would like to protect your share of the property from bankruptcy proceedings if your creditors try to get their money back.
How does a PPT protect your share in the property?
A Protective Property Trust in your Will can contain a provision that your surviving spouse or partner has the right to continue living in the property for the rest of their lives before the property passes to your children. The Trust allows each spouse or partner to leave their share of the property to their children, but control of the property remains with the surviving spouse or partner.
A basic PPT will allow the survivor to sell the property and buy another while the Trust exists. You can therefore make provision for your survivor and simultaneously protect your share of the property for your children.
You can include a PPT in your Will if you are worried that you may need care in old age and the Local Authority having the right to sell your property and use the proceeds to meet those costs. By putting your share of the property into a PPT you can instruct that your share is put in Trust for your children, instead of passing directly to your survivor.
The share in Trust is then protected and your survivor may continue to live in the property unhindered. When your survivor dies the share owned by the Trust can be given to your children
Cost of a PPT
A Protective Property Trust is more complicated to set up than a standard Will and has ongoing administrative costs. There can be an enormous variation in complexity depending on your specific requirements, and therefore it is difficult to provide just one single cost to cover all levels of complexity. We will be pleased to discuss your specific requirements and provide you with a free estimate.
Please call Wincham Executor & Trustee Company Limited on 03333 441 176. As a guide, the scale of charges will be within the range £240 to £900 for most Protective Property Trusts, depending on complexity.