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Protective Property Trusts

If you ever needed residential care later in life it could have a substantial effect on your savings and investments, even your home. A Protective Propety Trust is designed to protect your wealth and home keeping your loved ones' inheritance safe and intact.

What is a Protective Property Trust?

Protective Property Trusts (PPT) are designed to help each person in a relationship ensure that their children inherit their share of the property, while allowing their surviving partner to live in the property for the rest of their life. Additionally, if you are forced to go in to a Care Home or receive care at home if you have substantial savings or own your own home, your local authority can charge you for the care you receive. Your Local Authority can require the Executors of your estate to repay the full cost of your care from the proceeds of the sale of your home. However, if your assets are held in this type of Trust they are normally disregarded for care fee purposes, this will provide you or your partner with substantially more choice. You or your partner may not wish to stay in a basic Local Authority run Care Home, but prefer to choose a luxury private Care Home of your choice. You can use the Local Authority money you are entitled to receive to substantially subsidise the cost of staying in a luxury private Care Home. In the circumstances you would only need to pay a small amount of money to top up the Local Authority money you receive. We can assess your circumstances and help you plan your estate in a way that provides the ultimate protection for you, your loved ones and your assets.

Benefits of a Protective Property Trust

People often assume their wealth and assets will pass on to their spouses, children or other relatives when they pass. This is often not the case unless careful arrangements have been made to protect their assets from being taken to pay care home fees. Nowadays, everybody is living longer and recent figures show that most of us will require long-term residential care at some point in our lives. Homeowners and anyone with enough savings are often not eligible for any financial help with care fees and end up funding their care from their own assets and what would otherwise be inherited by their loved ones. A Protective Property Trust (PPT) can protect your estate from being used to pay for care fees.

Normally with couples, upon your death the property is divided equally, but not always. A Property Trust can only be established while both partners are alive. Upon the first death, the share of the property is placed into the Trust to be administered by the Trustees. The surviving partner does not necessarily own the deceased's share of the property. The Will will determine who is to be the final beneficiary of each share in the property. The Trust allows the surviving partner to remain living in the property for the rest of their life. On their death the Trust ends and the property will be transferred to the beneficiaries. Even if the surviving partner decides to sell and move to another property, the proceeds from the sale can be used to buy the new property and the terms of the Trust will remain over the new property. If there is any excess capital following a sale then the money is invested and the surviving partner can take the interest that is generated as an income. A Protective Property Trust means even if your surviving partner remarries or sells the property, your share of the property is protected so it can be inherited by your beneficiaries upon your partner's death.

Arrange a Quotation

Our clients have the flexibility of dealing with our Company by talking to us at our offices,
by telephone, post or in your home. Our contact details can be found below.
Westminster Trust
34 Clarence Street
Southend on Sea
Essex
SS1 1BD

Email:
Telephone: 01702 414 100
Facsimile: 01702 667 771
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