Has anyone set up a property protection trust?

[ssd]

Am thinking of doing this but would like to speak to others in Scotland who have already done so.

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My mother had this - it was called a Deed of Trust - and I've done the same with my house. It was done fairly easily by a solicitor and there's nothing else needs doing with it.
I've read about posters in England who did this sort of thing and the solicitor wants an annual fee to oversee it but I had nothing like that.

They are pretty much discredited now

Are you meaning a property & finances protected in a family trust to avoid inheritance tax?

I mean a trust where if one if you die their share of the house goes into trust instead of automatically passing to your partner.
Its so your kids get some inheritance. Its not done for IHT purposes, our house isnt worth much.

The deeds are changed to tenants in common instead of joint (i think)

You really need to see a solicitor to discuss a will and inheritance.

The law is different up here hence asking in scotsnet

Those are English terms
You need proper legal advice
If the purpose is to avoid care home fees it probably won’t work

There’s no such thing as tenants in common in Scotland. As far as I’m aware you can leave your share of a property to whoever you like. But that could prove problematic if, for example, the children inheriting wanted to sell the house and the partner didn’t.

legal advice is the only way.

Note also that the trust will not be exempt from CGT so the beneficiaries will lose out there on any gains in value. You need tax advice as this can wipe out any potential gains.

Mine stated that my partner has a life rent which means he can stay in it if I die first as long as he wants. Thereafter it will be sold and the proceeds split equally between him and my 2 kids.
It was very easily done by a solicitor (Scotland)

Again take legal advice
Lots of issues with these Trusts ,you need to be aware of them

We are married and have mirror wills just now. But i want to make sure my kids inherit something from this house and i want a will that allows my share of the house to go to them if i die first and its held in a trust as dh can live here until he goes.

@RaraRachael , it sounds similar to yours. Can i ask how much it cost, I've been quoted 1.5k.

I think you can leave your share to them with a liferent for him: so he can live there until he dies. But I don’t know what the implications would be for things like care home fees.

Solicitor your only option to advise you. Go to a proper well established firm, not online

@ssd Mine was drawn up during Covid and with all that was going on, I've never been charged for it.
I would think 1.5K is a bit excessive

My parents set on up about 15 years ago.

My dad has since died & it's an administrative nightmare.

I wish they hadn't done it.

This

Without asking too many details, why is this a nightmare? I was on a thread ages ago where lots if posters have done this and recommended it.

Weirdly my mother set one up with me, XH and the solicitors as the trustees which I knew nothing about. She said she'd done it but not that I was involved.

Someone I know did this. She died in her late 30s from cancer.

Even while she was ill, her kids were staying more and more with her parents so he could go to work and then to the hospital to visit her.

After she died, her partner decided he couldn’t bring up her young children alone, so they continued to live with their maternal grandparents.

Then he met someone else and she and her kids into the house with him.

Now her parents are raising her kids but she didn’t leave then any money to them for this - it went to her partner.

And her kids won’t get any inheritance from their mum until their mums former partner dies, so they could be in their 40s or 50s.

I dont know if the sort of trust i mean has been mentioned here, i feel we're talking different things

What do you hope to achieve by way of the trust
Most people here are talking about liferent trusts which are often use in a second marriage situation
They are fraught with difficulties