Property Trust Clauses
These clauses are used to protect the first deceased's half of their property from third party attack by instructing that it is placed into a trust which is administered by the deceased's executors, who then become its trustees.
Examples of when these clauses may help you:
- You are married or living with a partner and want to ensure that, if you die first, your share of your property is secured for your children or other beneficiaries. You are concerned that if your surviving partner were to remarry and die first, their new spouse would inherit everything and your children would lose their inheritance.
- Your elderly parents may be facing a situation where the survivor would be forced to sell the house to pay for residential care fees. Placing the first deceased's share of the property in trust can help ensure that it is not assessed under the Community Care Act.
Jointly owned properties must be changed to tenancy in common.
Right to occupy clauses
These are typically used when you want to give your partner a set period of time to remain in a property before your interest passes to your beneficiaries.
Severance of Joint Tenancy
Under the law of joint ownership, the first deceased's share of a jointly owned asset will automatically pass to the surviving joint owner(s), regardless of what is in a Will. When this is not desirable, the joint ownership is amended via the Land Registry to Tenancy in Common. This means that the first deceased's share will not pass automatically to the surviving joint owner(s), but instead according to the contents of their Will, or intestacy law if no Will exists.