Property Protection Trust

By Martin Lock Jun 9, 2023

Product Review

No one likes to think of their own demise, and planning for the inevitable can seem like a morbid and daunting prospect, but the last thing I ever want to do is leave a mess for my loved ones when I’m gone.

I’ve made several Wills over the years to ensure my wishes are clear and my wife and children inherit with as little heartache as possible. However, I’ve been aware for a number of years that perhaps the planning I had in place was not quite enough and could leave my assets vulnerable. I’d heard that basic Wills, whilst essential, are not always the best. Therefore, getting professional advice about how a property trust in a Will can protect the inheritance for my children seemed like a sensible idea. I consulted Google and became somewhat confused by the pros and cons of trust arrangements, so I approached various companies for advice. I was dissatisfied with the lack of response I received from my initial enquiries and the rather vague advice from the ones who did respond. That was until I contacted The Planning Bee Ltd.

Initial signs were promising when, after my enquiry, the phone rang almost immediately, and a friendly lady named Jo chatted to me about my needs. I explained what I was looking for, and she offered me a free consultation with a local Paralegal by telephone, zoom or face-to-face. As I am very busy I chose the phone and set up an appointment the next day.

The Planning Bee is a national specialist Paralegal Law firm who are expert in all aspects of later life planning, including Wills, Trusts, Assets Protection, Probate and Mental Capacity issues. They pride themselves on using easy-to-understand language while being friendly, approachable and professional.

These claims were proven true when the local Paralegal, Ed, called me at the arranged time. I explained that my wife and I had a jointly owned property and mirror Wills as a couple. We were leaving everything to each other and then the children. Ed explained that having this kind of Will is a good starting point, although clarifying my wishes it could leave me somewhat vulnerable. He mentioned that most couples have planning in place but imagine, if I were to die, the house would pass directly to my wife. On the face of it, I couldn’t see anything wrong with this until he explained the following two potential pitfalls:

If I died, my wife would own the property solely, and if she needed care in the future, the local authority would means test her. Currently, if you have assets above £23,250 in England, you’ll be expected to pay 100% of your care fees, often well over £1,000 per week. I won’t go into my thoughts on social care and perceived unfairness of the whole system, however, what I did find unfair was that with our current planning, she would have inherited my share of the property and therefore, the local authority would means test 100% of the value of the house, including my share.
The second issue is a growing phenomenon of Marriage After Death (of MAD, as Ed described it) and sideways disinheritance. This would be a risk if I died and my wife remarried after inheriting my share of the property. The house would then become a matrimonial asset in the new marriage. If she died, the house could pass to the new partner, meaning his children inherit what I’ve worked for, and my children potentially get nothing.

Both of these dangers were of huge concern to me. However, Ed clearly and expertly explained how to stop this from happening by writing a better Will to include a Property Trust. First, The Planning Bee would ‘sever the tenancy’ of the property, so my wife and I would become ‘tenants in common’. This means we own 50% each rather than 100% together. As a result, we could then write our Wills with the Property Trust included, meaning if I die first, my half will pass to my children in trust rather than directly to my wife. This meant the local authority could not use my half if she needed care in the future, and if she were to remarry, my half could never go to a new partner. The planning wouldn’t hinder her in any way; she could still move or bank money due to downsizing, but I always have peace of mind knowing if I died first, my half would be protected for my children, and vice versa. It seemed like a no-brainer.

I decided to instruct The Planning Bee on this basis. Within days the first draft of the Wills came through in easy-to-understand language. I requested some changes during this drafting stage which they made in no time and were more than happy to accommodate until I was 100% content. Once approved, they posted the Wills out to us with full instructions for signing along with the relevant land registry forms to sign. Everything was completed within a week.

I cannot recommend The Planning Bee highly enough; their approachability, understanding and service were second to none. My wife and I now have that one thing that money can’t buy: peace of mind.

If you want to contact The Planning Bee to discuss your estate planning needs, click here.

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