A J Careless Solicitors

What is a Life Interest Property Trust?

A Life Interest Property Trust can be written into your Will and can give particular individuals you name in your Will future security.

Who can benefit from a Life Interest Property Trust?

Making or updating your Will? Arranging Power of Attorney? Need advice on Inheritance tax? Require assistance with Probate? Then we can help. Come and see Ian Clark at East Cowes Town Hall on the 1st and 3rd Friday of every month between 2pm – 5pm Please telephone 852626 to guarantee an appointment www.ajcareless.co.uk enquiries@ajcareless.co.uk

Most commonly, a Trust is set up in the wills of couples (usually married couples or in a civil partnership) concerned about care home fees or their partner remarrying, co-habiting, or entering a civil partnership after they have died. Without a trust, there is a risk if your share in the family home is left outright to a surviving partner. The property could then end up in the hands of any future spouse or civil partner or its value depleted by care home fees required for the surviving spouse. By including a Trust in your Will, it ensures that the surviving partner has the security of having a home to live in during their lifetime, whilst ring-fencing the family home (or at least your share) for those named in your Will such as your children.

Life Interest Property Trusts can also benefit couples in more complicated family structures such as second marriages and unmarried couples, and others who co-own property, such as a parent and child.

Ian Clark is a Chartered Legal Executive for A. J. Careless Solicitors and can discuss with you Trusts or any other matter related to Wills and Probate.

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