When making a will it is possible for some couples to carry out care home fee planning to protect part of their estate if the surviving spouse needs care. A Property Protection Trust Will could help protect some of your estate.
By creating a Property Protection Trust in a Will, upon the death of the first spouse, rather than the estate passing entirely to the surviving spouse, the share of the family home owned by the deceased spouse passes into a Trust which the surviving spouse can benefit from. Provisions are made in the Will for the surviving spouse to have a life interest in the deceased’s spouse share of the property. If the surviving spouse requires residential care the deceased spouse’s share of the family home is in the Trust and is not taken into account for care fee funding. The survivor’s share of the family home will be assessed for care fee funding purposes, but the Property Protection Trust Will protects some of the estate.
You may wish to seek some advice in relation to whether Property Protection Trust Wills are suitable for your circumstances.Read more about property protection wills