Protective Property Life Interest Trust
The Severance of tenancy on your property which changes the legal ownership on the Land Registry of your property from Joint Tenants to Tenants in Common, meaning you own it 50/50 or in the shares outlined in your deed of Trust if otherwise.
This specific Trust is placed within your Will to ensure that following your death your half of the property is placed securely in trust for your beneficiaries but your surviving partner is given a life interest in the Trust meaning they can live in the property without fear of being evicted by your beneficiaries when you die.
Should your surviving partner then remarry, go bankrupt or go into care, it is only their half of the property that would be at risk of being lost.
When your partner dies (or remarries if you have stated such) your half of the property will legally belong to your beneficiaries
Nil Rate Band Trust
This specific Trust is placed within your Will to ensure that your monetary assets (up to the nil rate band inheritance tax value on the day you pass away) are protected for your partner to use after your death but won’t be in their own estate and therefore won’t be able to be taken into consideration by the Local Authority if they go into care or be lost from the family should they remarry and subsequently die or divorce or go bankrupt.
Under 18s Trust
This specific Trust is placed within your Will to ensure that should any of your future potential beneficiaries be under the age of 18 at the point you die that their inheritance will be looked after by the Trustees you designate and invested according to your wishes and appointed out for the purposes that you stipulate. At the age of 18 the funds in this Trust would either be appointed directly to the beneficiary or (recommended) go directly into a Young Adults’ discretionary Trust.
These trusts are particularly helpful for the guardians you appoint to look after your children as it enables them to approach the Trustees during their tenure as guardians for funds to help support your children without the risk that would otherwise be attached to leaving a large sum directly to them upon your death such as their own death and those funds going directly to their own beneficiaries, a divorce and 50% of the funds being lost to their spouse, a bankruptcy and the funds being taken by the official receiver or the inappropriate use of the funds left to them because their were no trustees to monitor their use.
Young Adult (18-30) Trust
This specific Trust is placed within your Will to ensure that if any of your beneficiaries are young
adults aged between 18 and 30 when you die that they have their inheritance appointed in phases to them by your nominated Trustees at the ages you set out or at any other time upon application by the beneficiary to the Trustees if the request from the beneficiary is for a purpose that you have stipulated in your trust wishes.
This trust prevents any inheritance being squandered or your beneficiaries being vulnerable to financial manipulation by 3rd parties.
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