More and more people are choosing to include life interest trusts in their wills. Traditionally, couples would leave their whole estate to their spouse or partner then, once both had passed away, to their children. However, the survivor may need to pay for care or they may remarry or form a new relationship and pass assets to their new partner. In these circumstances, much of the value of the property could be used up in care fees or the children could end up failing to inherit at all.
Instead, each partner could make a will leaving their share in the property to their children. This gives peace of mind by ensuring that property will still pass to children should the survivor remarry or enter into a new relationship. It also protects that share in the property from being used to fund care fees.
By including a life interest, the survivor has the right to live in the deceased’s share of the property for the rest of their lifetime, or the trust can be brought to an end upon remarriage or cohabitation. Provision is also made for the survivor to move or downsize.
Arrange an appointment with Anne Stockley on 01727 869293 to discuss whether a life interest is suitable for you.