Asset protection Wills, sometimes referred to as ‘Property Protection Trust’ Wills, are becoming an increasingly important estate planning tool used by people throughout the country. A ‘Property Protection Trust’ Will has many uses. A common example would be to provide for the event whereby your spouse or partner remarries after you have died, leaving the distinct possibility that their new spouse or partner, or that new spouse or partner’s own family, will ultimately inherit a portion (or even all) of your assets which you may have worked hard for and, you may not wish this to happen.
A ‘Property Protection Trust’ Will can be used to help prevent this. A typical example would involve you leaving in your Will, your ‘share’ of your home in ‘trust’, thereby giving effect to the following. Firstly, in your Will, it would give your spouse or partner the right to live in the property during their lifetime (so they are provided for). Secondly, once the surviving spouse or partner dies, your home will ultimately pass to your chosen beneficiaries, for instance your children. By having this type of Will, you will be doing all you can to protect a portion of your assets for the future generation.
The above example is just one reason for preparing Property Trust Wills, and there are other provisions you can place in you Will to provide for your spouse/partner. If you would like to discuss making a Property Trust Will or you would like to find out more about how to protect your assets, simply contact our office to arrange an appointment for a free 30 minute consultation.