If you have remarried or entered into a civil partnership and have children from a previous relationship, we can set up a trust for you to ensure the financial security of your current spouse/civil partner after your death, whilst protecting your children's eventual inheritance.
For example, you may wish to leave your property to your children eventually but still enable your current spouse/civil partner to live in it after you have died. With a Life Interest Trust, you give your current spouse an interest in the property for the remainder of their life, which means that they can go on living there until they die (or remarry if you wish), at which point the property passes to your children or other beneficiaries.
Benefits of a Life Interest Trust over a normal Will include:
- You control the ultimate destination of your assets whilst still enabling your spouse/civil partner to benefit from those assets.
- Assets cannot be taken into account when assessing your spouse/civil partner’s means for care home fees, thus protecting those assets.
- Assets are protected against bankruptcy.
The Law Firm Groups’ lawyers are experienced in setting up trusts to protect your assets for the future benefit of your children. We will listen carefully to your circumstances in order to understand your wishes and make sure they are provided for in the best possible way.