THIS TRUST SEVERS THE OWNERSHIP OF THE PROPERTY FROM
JOINT TENANTS TO TENANTS IN COMMON.
THE TRUST WILL INVOLVE REGISTERING THESE CHANGES WITH LAND REGISTRY WHEREBY WE WILL PROVIDE ALL NECESSARY PAPERWORK FOR SIGNING. SHARES DO NOT HAVE TO BE EQUAL. THE TRUST DESCRIPTION WILL BE INCLUDED IN THE WILLS.
THE BENEFITS OF THIS TRUST:
For example, if a survivor remarries, this trust preserves the deceased’s half from the survivor’s new partner protecting the children’s share. (‘sideways disinheritance’)
In the same way, if a married child is to inherit a share but divorces, the outgoing spouse has no claim to half of the inherited share.
Also good for children from a previous relationship, to ensure they inherit a named share.
Trustees and beneficiaries can be added or removed. Property can be sold and a new property purchased with the funds, which can then be placed in trust.