For many families, the family home is the most valuable asset they will ever own. It is often the result of a lifetime of hard work and is something parents naturally wish to pass on to their children and future generations.
However, without careful planning, assets can be unintentionally placed at risk. Later-life care fees, remarriage after bereavement, family disputes, and changes in personal circumstances can all affect where an estate ultimately ends up. A well-drafted Will can make a significant difference.
One option that many couples consider is a Life Interest Trust Will.
A Life Interest Trust Will can allow a surviving spouse or partner to continue living in the family home, or to receive income from certain assets, while ensuring that the deceased person’s share is ultimately preserved for their chosen beneficiaries, often children or grandchildren.
This can be particularly helpful where couples wish to:
- Protect their share of the family home for children from a previous or current relationship
- Reduce the risk of assets passing away from the family if the survivor remarries
- Provide security for the surviving spouse or partner during their lifetime
- Ensure that children inherit after the survivor’s death
- Add structure and protection where care home fees may become an issue in later life
For example, if a couple owns their home jointly and everything passes outright to the survivor, the survivor then owns the whole property. If they later require residential care, remarry, change their Will, or face financial difficulties, the whole estate may be affected.
By contrast, with appropriate planning, each person can protect their own share of the property through their Will, while still allowing the survivor to remain secure in the home.
This type of planning is not about avoiding responsibilities. It is about making clear, sensible arrangements so that your wishes are properly recorded and your family is protected as far as possible.
It is also important to remember that marriage can automatically revoke an existing Will, unless the Will has been made in contemplation of that marriage. This can lead to unintended consequences, particularly for blended families. Keeping your Will up to date is therefore essential.
At Frodshams LLP, we understand that making a Will can feel like something to put off. However, the right Will can give you and your family peace of mind, knowing that your home, savings and personal wishes have been properly considered.
Whether you are making a Will for the first time, reviewing an existing Will, or considering a Life Interest Trust Will, our experienced team can help you put the right arrangements in place.
To discuss your Will or future planning, contact Frodshams LLP today.
Email: k.strong@frodshams.co.uk
Tel: 01744 626600
Web: frodshams.co.uk
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