Tweet
My Wife and i are looking to write a will (a separate will for each of us) that includes being able to, upon the first persons death, leave our share in the property we own as tenants in common to our 2 children. I believe the terms being banded around on several sites are property protection trusts etc.
The main reason for this is the obvious protect half of the home from possible future care costs, but also to ensure that some of the property is inherited by the children.
How can i do this myself without having to spend hundreds and hundreds of pounds (been quoted over £1500+ for this).
If my wife and i own our home as tenants in common can we not just state in the will that when we die our 50% share of the property goes to the children. So if i die first my half of the property is left to the children meaning that they legally own half. If the surviving partner does go in to a care home, is the half left to the children by the first to die safe.
I know people talk about including a clause in the will that states the surviving partner has a life interest in the property that allows them to remain in the property until death or care home, but we couldn't we include that in the will ourselves?
Why does it have to be a trust?, How is that set up?.
I hope i have made myself clear, i am just trying to avoid paying exuberant fees to get this done.
Regards in advance
Peter
The main reason for this is the obvious protect half of the home from possible future care costs, but also to ensure that some of the property is inherited by the children.
How can i do this myself without having to spend hundreds and hundreds of pounds (been quoted over £1500+ for this).
If my wife and i own our home as tenants in common can we not just state in the will that when we die our 50% share of the property goes to the children. So if i die first my half of the property is left to the children meaning that they legally own half. If the surviving partner does go in to a care home, is the half left to the children by the first to die safe.
I know people talk about including a clause in the will that states the surviving partner has a life interest in the property that allows them to remain in the property until death or care home, but we couldn't we include that in the will ourselves?
Why does it have to be a trust?, How is that set up?.
I hope i have made myself clear, i am just trying to avoid paying exuberant fees to get this done.
Regards in advance
Peter
Comment