29/06/2025
Met with a nice couple this week, who had simple non-protective Wills in place and I carried out a review on their Wills.
Talked about the risks they currently have, which as they were leaving everything to each other on first death meant that their whole estate could end up going into another another family should the survivor of the two of them re-married or if the survivor needed to pay for their care in later life. Either of these two instances could mean their children ended up with nothing at all, or at best £23,250 (the amount left in the estate before the local authority starts paying the bill).
I set out their options- either Simple, non protective Will or they could sever the tenancy on their house to own it 50/50 and have a Protected Property Will trust in their Wills. This protects the 1st half of the property for the children but still allows the survivor of the two of them to live in the house for the rest of their days (and even move/ downsize). The survivor's half is still at risk from re-marriage or care fees, but the £175,000 1st half of the property will be secure for the children when the 2nd person of the couple either dies or goes into permanent care. Very sensible estate planning.
If you wish to discuss or wish me to review your own situation please call me on Tel: 07979184309 or visit my website www.resolutewills.co.uk where you can book your own appointment. Thank you.
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