A major concern for many people is that their home may be used to fund care costs in later life. This may happen if you have just made a simple mirror Will.
Most people own their property jointly as Beneficial Joint Tenants, meaning that the house will typically be passed on to their spouse after the first death, and to their children or chosen beneficiaries after the second death.
Considering that over 60% of British seniors do not have a written Will, most of the remaining 40% have a mirror Will, which is not enough to protect their homes if one spouse passes away and the other goes into care or re-marries.
The proof for this are the 40,000 homes that are being sold by the Local Authorities every year to cover care fees.
A Protective Property Trust (PPT) has to be created whilst both partners are alive, to ensure that Mr and Mrs will own 50% of the property each, known as ‘Tenants in Common’. This is will stop the property from ever going to unwanted beneficiaries.