Can I protect my home?

If you own your property jointly with your spouse or partner, you may be able to achieve inheritance protection for at least half of it after one of you passes away. This is especially important to guard against outside influences, such as future relationships and long-term care costs.  

The initial step is to determine how you own the property: as Joint tenants or Tenants in common. This decision is typically made at the time of purchase.  

If you are joint tenants, the surviving partner will automatically inherit the entire property upon death. While this may seem like the best option, having the property solely in the survivor's name can expose it to future long-term care costs and may also allow for sideways inheritance to a future partner or spouse's family.  

On the other hand, Tenants in common allows you to separate and protect your individual shares of the house upon the first death through your wills by establishing a property protection trust (PPT).  

Making this relatively straightforward change could greatly benefit your family's future. For more details on inheritance protection and to check your property ownership for free, please contact us.