Protective Property Trust
A Protective Property Trust ensures that your surviving spouse, or the co-owner of your property, can continue to live in your home for the remainder of their life after you pass away, whilst ensuring that your chosen beneficiaries ultimately inherit your share.
Under these circumstances, the surviving resident has certain rights and protections, however they cannot re-direct the property to different beneficiaries. This means your wishes are guaranteed to be carried out, with whoever is named in your Will receiving your share of the residence.
Example - Barbara puts her share of the property she owns with her husband, Roy, into a trust for her 17-year-old niece. When Barbara passes away, Roy can live in the house until he too dies. When Roy dies, Barbara’s share of the house passes to her niece, whilst Roy’s share goes to his brother, as per his Will.