Below there are three examples of Will Trusts and reasons for their inclusion within a Will
The Property Protection Trust is a trust clause held within a Will which ensures after you die that your share of your house is held in trust to be used by a surviving spouse or partner for the rest of their lifetime. This means that they never actually own your share of the property but they cannot either be forced out, but you will have the peace of mind in the knowledge that whoever you leave your property to will receive it regardless of whatever happens to your spouse or partner. It also enables you to make sure that your beneficiaries are never disinherited after your death, an example of this is, if your spouse remarries or the property is needed to pay for long time care costs. If you own your house as joint tenants, as most people do then it would be necessary to complete a severance of tenancy in order to own your property as tenants in common usually on a 50/50 basis.
The Discretionary Trust is one of the more complex of trust clauses used within Wills today. The content of which can be varied to suit a number of situations. Sometimes a Discretionary trust is used to protect assets for a disabled beneficiary, vunerable adult or elderly parent, to make significant savings on IHT for the unmarried couple or if assets other than property need to be protected from long time care or remarriage.
The Family Protection Trust is the most effective way to protect your home from being used to pay for long term care fees, once set up the trust can give you the assurance that whatever circumstances life throws at you, your assets can be passed on intact, whether you are married, single, divorced or widowed. It is important that this type of planning is done as early as possible and well before there is any foreseeable need for care.