Leading Divorce, Family, Property and Immigration Solicitors
0203 935 6479
Warlies Park House Horseshoe Hill Upshire, Essex EN9 3SL
Trusts and Deputyship in Waltham Abbey
Property Trusts & Co-ownership of Property
Creating a Trust in your will can be extremely important when it comes to protecting assets and controlling the distribution of your estate. For example, having certain assets ring fenced in a Trust can ensure that your children are not disinherited through remarriage after your death and can ensure that they are protected from subsequent divorce settlements too. Or, for example, if a surviving partner becomes infirm and requires long term care, any funds in Trust would not be considered by the Local Authority means testing process which establishes contributions towards their care fees. Trusts can also help mitigate Inheritance Tax.
Trusts can be extremely flexible and can be a standalone document or a simple clause in your will that protects your assets for a minor child until they reach a specified age, or perhaps to protect a beneficiary's inheritance for a short period until a bankruptcy has been discharged. Trusts can also assist if you wished to make provision for a disabled child who is unable to manage their own financial affairs.
Severance of Tenancy / Property Transfers
Most couples believe that they own an equal shore share in their family home and that they can specify who they leave their share to in their will. In fact, most property is owned on a 'Joint Tenancy' basis, meaning that each party owns 100% of the property and the survivor will automatically become the sole owner of the property.
It is possible, and often beneficial, to own a fixed amount of the property in order for you to leave your share of the property to whomever you wish. This is often, but not always, done on an equal share basis and is known as 'Tenants in Common'. For example, you can prevent your share being lost to your partner's new spouse when you actually wanted it to go to your children. It is also a simple step to take to make sure that when the first partner dies, their share goes in to a Trust to prevent it being used for care home fees for the surviving spouse. To make the change from 'Joint Tenants' to 'Tenants in Common' is a straightforward process which we can arrange for you. It does not affect your mortgage or your ability to sell your family home but it does provide you with far more choice.
At Kayson Solicitors we can provide you with the best advice and support in the change of your type of ownership, from ‘Joint Tenants’ to ‘Tenants in common’ or vice versa.