A property has the inheritance once the owner dies. However, if nothing is declared and no legal mention is found, the general law takes the own course which people may not want. For example, a couple may jointly own a property when they are alive. However, when one of the partners dies, the second partner becomes the full owner of the same property. So, if the partner remarries, the property gets inherited to the new partner. This might not impress anyone. People want the property to be inherited by the children or anyone they want. In that case, a property trust will comes into play. This becomes almost unavoidable in case people want to avoid such circumstances.
What is Property Trust Will?
The property trust will is a specially designed will that is designated for the property inheritance. So, the couple who jointly hold the property can simply become a joint tenant of the property under this rule. That means both owner would have designated 50% of the property. In the case of the demise, the 50% property would be transferred to the trust for the children. However, the remaining 50% would remain with the partner. The partner can stay for life at the property or can even move to care home as per the norms and regulations of the government. The property trust will can also ensure that the property goes to the desired person with all legal rights after the death of the owner. One can put the regulations, restrictions, conditions and limitations as per the wish of the owner. This is to ensure that the inheritance of the property is done as per the wish of the owner even after the death. The property can be also used for the care home fees in case the another partner moves out of the property.
How to make Property Trust Will
This is a legal process and has to be accredited and acknowledge by the system. One cannot write the Trust Will all by himself. A solicitor is required to ensure that the Property Trust Will is written on behalf of the owner with all the clauses and sub-clauses. In order to write the Trust Will, the solicitor must have good knowledge of the property law and the trust will. The solicitors should be Law society accredited as well.
However, this has to be ensured that the property trust will is made when the owner or the owners are alive. Also, the owner or the owners should be a sound health condition. Various documents and evidence may need to be provided and the solicitor must facilitate the entire process. It is therefore very much required to have a solicitor who has in-depth knowledge of the system to ensure that the property is inherited by the people whom the owner decides during he or she is alive.