Tweet
Property protective trust
Hi.
We've been advised to get a PPT as part of our will. We are a couple with young children. I am wondering how the property protective trust will work in practice. The example we have is:
Within the PPT, upon the death of the first life, the surviving spouse’s share of the property will be 50% and the children will get the remaining 50%.
What if the surviving spouse wanted to move house. For example, the children are still really young and the spouse wanted to move home to be closer to preferred schools. How would this happen in practice? Who's name would have to go on the mortgage of the new house? If using the full proceeds from the sale of the original house (if that is even allowed)?
For example, say the house is sold for £500k. Upon the sale of the house, will the spouse be able to use all of this £500k for the onward purchase? Or would £250k have to be set aside for the children in trust, and the spouse therefore only have access to £250k for the onward purchase?
Thanks
Jit
We've been advised to get a PPT as part of our will. We are a couple with young children. I am wondering how the property protective trust will work in practice. The example we have is:
Within the PPT, upon the death of the first life, the surviving spouse’s share of the property will be 50% and the children will get the remaining 50%.
What if the surviving spouse wanted to move house. For example, the children are still really young and the spouse wanted to move home to be closer to preferred schools. How would this happen in practice? Who's name would have to go on the mortgage of the new house? If using the full proceeds from the sale of the original house (if that is even allowed)?
For example, say the house is sold for £500k. Upon the sale of the house, will the spouse be able to use all of this £500k for the onward purchase? Or would £250k have to be set aside for the children in trust, and the spouse therefore only have access to £250k for the onward purchase?
Thanks
Jit
