The Home Protection Scheme differs to the Protective Property Will Trust as it is set up during your lifetime, and is totally separate to your Will.
It involves transferring 100% of your home into a trust giving you the guaranteed benefit of knowing that whatever happens to you in the future, the full value of your home will pass to your beneficiaries.
You set up the trust giving yourself a ‘life interest’ in the property, so that you may continue to live in the property for the rest of your life, or until you decide not to live there anymore.
Even though the Trust owns the property you still retain the benefits of home ownership (the trustees are very often the ultimate beneficiaries). If in the future you wish to move to a smaller property, you would still retain all the residential rights in the new property.
The benefits in passing control of your home to the trustees, which can also include you.
Ensures that your home will pass to the individuals that you choose to benefit upon your death or sooner if you wish.
Enables your home to be held for individuals that cannot hold it for themselves for example, children or disabled persons.
Prevents any claim on your estate under the Inheritance (Provision for Family and Dependants) Act 1975, preventing any challenges against your wishes upon your death.
Protects the property from passing to a future spouse or partner before or after your death.
Protects your home from spendthrifts, creditors, and bankruptcy.
Keeps the ownership of the home private and secret.
Allows the trustees to rent the property immediately after your death or if you no longer wish to live in the property.
Provides the trustees with the power to manage the trust assets should you lose the mental capacity to manage your own affairs, and enables your trustees to maintain your property during your old age and any long term illnesses.
Your wishes are specifically set out during your lifetime.
Speeds up the administration of your estate by avoiding the need of a grant of probate on the property.
The advice given by us is fully compliant with the Care Act 2014, and we will not set up these trusts for those whose sole intention is to deliberately deprive Local Authorities of their assets.