WILL TRUSTS – WITHIN A MIRROR WILL – AT FIRST DEATH
Tenants In Common – Property Trusts
Will trusts are mainly used by married couples/joint owners of main residence and civil partners and are set up in conjunction with splitting the ownership of the family home to, ‘tenants in common’, so each partner has 50%.
Joint ownership means that property ownership goes to one another at the time of death at 100%. Tenants in Common would severance the deeds of the property and split this 50% to each other (unless otherwise directed). This will be incorporated within your instructions of your Will.
At first death, the Will Trust of the Owner that has passed will transfer into a Family Trust, thereby protecting the 50% of the property, from dis-sideways inheritance and means testing. This and does not mean you are unable to move property and the survivor will have a right to live. There are many more benefits to a Will Trust and this will be explained by the Consultant. For further details of how this would benefit you and your family, please ring for a free of charge appointment.