Funeral Plans, Will Writing, Asset Protection based in Wolverhampton.
For most of us, our most valuable asset is the family home.
One of the main concerns people in a relationship have is what would happen if they died and their surviving spouse or partner went on to meet someone new? Your wishes might be overridden by those of your surviving spouse or partner and their new partner.
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Protecting your property.
Any previous agreement that you had together that the house or proceeds would be left to your children might be ignored and they could leave it to the new partner or spouse. Alternatively, you may have children from a previous relationship for whom you want to protect your half share of the house.
To deal with these scenarios we are able to incorporate a special type of trust into your Will, which can ensure that your share of the family home is preserved for your children whilst still allowing your surviving spouse or partner to continue to live in it.
For more elderly people, this type of trust can also be very useful in protecting your house from being used to fund residential care home fees should you need to enter long term care.
Flexible Life Interest.
Flexible Life Interest Trust Wills are a great way of ensuring that as well as the share of the house you own, your capital also passes to your children, whilst not only allowing your partner to continue to live in your share of the house until they die, but also being able to use the income from any capital invested.
Again this type of trust is useful in care fees mitigation for those who are concerned about losing their wealth and house to funding their long term residential care.