Long term care plans Tenancy in common

I recently visited a retired couple who were recommended to me by an existing client.

Their main asset was the family home and some savings which had been built up over the years.

The clients did have existing Wills but after a conversation with their friends, they were concerned that they didn't include the protection for their family that they required. Their main concern was should one of them require Long Term Care in the future that as much as possible of their assets are passed to their children but also that the surviving spouse is looked after for the rest of their lifetime.

Like many people the clients owned their property jointly which would mean when the first partner dies it would automatically pass to the survivor. However,it is possible to split the ownership of the property typically half each. This is known as tenancy in common which allows that on first death half share of the property is transferred to a trust for the children but giving the surviving partner the right to live in the property for their lifetime.

We rewrote the Wills for the clients incorporating a Life Interest Trust in respect of the share of the family home for the benefit of the surviving spouse for his or her lifetime and finally passing to the children. We also completed the land registry documentation to ensure the property was owned correctly to allow this to happen. The remaining savings pass to the surviving spouse then finally to the children.

The clients are now confident that their family will still benefit from a good proportion of their lifetime savings.

Share This Story

Tagged in

You might also like

posted on - 09 January 2018
When making a Will, appointing guardians for your children needs careful consideration. Deciding who you would like to bring up your children is likely not to be easy, however the thought of knowing...
Society of Will Writers
posted on - 05 January 2018
In 2011 the Society of Trust and Estate Practitioners published a report on Cowboy Will writing which outlines five main problem areas within the UK Will Writing Market: Invalid Wills Will Writers...
posted on - 16 December 2017
I received a call from a concerned family who, after viewing my website, asked me to visit their home with a view to arranging Wills for them. The family were married with two children but one of the...

Why Choose
David Gee Wills and Probate

Over 30 Years experience advising clients

Having worked in the financial services business for over 30 years my wealth of knowledge will help you decide which is the most beneficial way to proceed with your Wills,Lasting Power of Attorney and Probate.

I am a member of the Society of Will Writers which means all clients have the reassurance that all business is conducted under a strict code of conduct. 

Professional and Personal Service

I pride myself on providing a professional and personal service. All documents will be drafted by me personally.

I am supported by a team who are always on hand to take your calls and enquiries.

Our aim is to take you through the process of making a Will, Lasting Power of Attorney or Probate as easy as possible.

Specialist Trust Knowledge

I offer advice on a wide range of solutions from basic to more complicated Wills incorporating trusts to protect your needs.

My experience in Estate and Trust planning enables me to explain this complicated financial subject in an easy to understand way.

Contact David

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Contact Me :
01933 426199