Protect the family home
If you’ve decided to write a will and let us have it for safe keeping, you’ll want to make sure that you’ve included everything you need to make it absolutely accurate and ready for when it is needed.
One thing that you should consider is how you can protect the family home. If you’ve worked hard all your life to own that property, if there are memories within the walls and important objects within the house, then you want to keep it as safe as possible for others to enjoy. How can you ensure that it is protected after your death?
If you own the family home jointly with your spouse or partner then it is easy as long as there are two names on the title registered with the Land Registry. You simply need to change this so that the house is owned by tenants in common. This means that each person controls their own half of the property, and mention it specifically in their will.
Property Protection Trust
You can then even include a trust in your will that states that on the first person’s death, their half of the house goes into trust – that means that the value of that half of the house is protected, and can’t be used by creditors, local authority, or even new partners.
There are two different trusts that can be used for this task. The first is a Life Interest Trust, and the second is a Discretionary Trust. Your will writing expert or solicitor will be able to go through all the details of each trust with you and ensure that you choose the one that is right for you.
Life Interest Trust
Another way to protect the family home is to gift it to a family member. However, once again it is best to speak to an expert about this as there are certain conditions in place. For example, you would need to live for another seven years after making the gift for it to be valid.
Once you know what you want and need to include in your will, you can register it with us so that it is safe and secure for the future.
Location: Braintree, UK