The Property Protection Will Trust

The Property Protection WillTrust is for co-owners of a property and is a form of trust written within your Will. It enables the surviving co-owner to occupy the property for the rest of their life, or having the ability to move house if they decide, whilst ensuring that the share of the property belonging to the first co-owner to die is preserved for the next generation.

How it works?

Each co-owner leaves their share of their property to the other, usually 50%, by way of a life interest trust and then outright to their children on the death of the surviving co-owner. In this way, the share of the property of the first co-owner to die is ring-fenced for the children. If the surviving co-owner goes into care, remarries or changes their will, the share of the property of the first co-owner to die is preserved for their children. You do not have to nominate your children to ultimately inherit of course, you can nominate whoever you wish.

The Property Protection Will Trust also offers a practical solution to the problem faced by couples with few assets apart from their home where one, or both of the couple have children from a previous relationship. If the couple were simply to make Mirror Wills leaving everything to each other, the survivor could make a new Will, to favour their own children at the expense of the deceased partner’s children. Or of course, the survivor could remarry, which would automatically revoke any previous Will they had written with the first co-owner.

By making Property Protection Trust Wills, each partner could make their own children the eventual beneficiaries of their Property Protection Trust. This ensures their own children will inherit, no matter what the survivor might do in the future.