Protect your family home with a ‘Tenants in Common’ arrangement
When incorporated within a will, a Tenants in Common arrangement is a type of family protection trust that relates specifically to the family home. It’s a way of jointly owning property where each partner owns a specific share of the property, usually 50%, which they can leave to whoever they wish.
The benefits
- You can protect the inheritance of your children from previous relationships.
- If your partner remarries after your death, your beneficiaries are still protected.
- Your share of the property is protected from future Local Authority means-testing if your partner is assessed for their ability to pay for care.
How it works
- Both of you make a will that leaves your share of the home to a trust with named beneficiaries (usually your children).
- A trust is set up when one of you dies. The surviving partner can stay in the house for a set period, for example, until they remarry, or for the rest of their lifetime.
- If the surviving partner is assessed for their ability to pay for residential or domiciliary care, only their share of the house can be included in the Local Authority means-testing process.
- If the surviving partner remarries or becomes estranged from the deceased partner’s beneficiaries, the latter’s share of the inheritance will still be protected.
- When the surviving partner dies, their property and assets are distributed to the beneficiaries according to the terms of their will.
Contact Colin today to book a free, no obligation appointment to discuss your trust requirements.
