Protective Property Will Trust
One of the most popular Wills written today. Wills with the addition of a life interest (IIP) trust gifting the deceased’s share and interest in the property to the Trustees. The Trust is created to allow the survivor the right to live in the property for the rest of their life but with the flexibility to move and potentially release money from the estate. On the death of the survivor, the property is distributed in accordance with the Trust and not the survivors’ Will. This is especially useful where a couple have children from previous relationships/marriages and wish to provide for their new partner/spouse but will like to ensure their assets ultimately pass to their own children. This would require the property to be owned as ‘tenants in common’; and so severance can be submitted to the Land Registry, if required, at no extra cost.