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.

It's written in to mine that if my partner had anyone new he would forfeit any right to live in the house.
My kids are both in their 30s now and partner in his 60s

@ssd. The company my parents used to set up the Trust (McClure's solicitors) went in to administration & it was difficult to find another one.

There's been a huge amount of work to track down the old trustees (previous solicitors) to get them to resign from the old trust & set up new trustees, also to find out the contents/investments.

Nearly 4 years later we have not moved forward much. And I don't know the implications of care home fees etc.

I think it is a liferent trust, is this not the same as a property protection trust?
Im really surprised as the previous thread i was on loads of posters had them and recommended them

Mine was drawn up by a local solicitor and didn't involve much as they just copied what had been in my mother's one

Speak to a Will writer. Depending on how you own your property you can leave your share to your DC in your Will. Their "half" will just have to be "managed" until they come of age. You need to consider how DC will pay for maintenance, repairs and insurance for a property they now part own. Who decides what repairs are required? What about upgrades? You need to consider what happens when DC1 comes of age and wants their share but DC2 is say 2 years younger. Where does DC2 live if the house is sold? Also DC lose any "First Time Buyer" mortgage rates etc if they already own / part own a property.

Try posting in Legal. I'm sure there are Scottish based experts on that board.

Do you not trust your DP to do the right thing by your DCs @ssd ?

Under Scottish law you can contest monetary issues after a death but not property so best to get it down on paper officially.

@ShinyClouds and nor should she put her trust in him to do right by her children

She is doing the right thing by having something legal drawn up

And op do include that if he remarries or wishes to cohabit the house must be sold

Also include that whilst he stays there he is responsible for the upkeep and maintenance of the property

Failure to maintain should trigger a sale

Infact just give him 6 months after your death to then sell up everything else is too stressful 😂

If it’s a second marriage I can understand a mother having their concerns
But if not the downsides of a trust probably outweigh the risks

But that’s not possible if he owns a share of the house. No trust can remove his ownership

Or if they’re married, when he’d entitled to a share of the property

Yes but some wives leave the property to their husband on the belief he will give it to their/her children when he passes

All too often another woman will come sniffing round and before you know it he remarries her and she gets the lot

This is why OP must protect her half of the house regardless of what her man says he will do with it after her death

Don't bother

No, if he owns half then that’s not what you’re talking about. And spouses are entitled to a proportion of heritable property.

This kind of chat is why @ssd needs proper legal advice from a Scottish solicitor

Its got nothing to do with trust. I know if i went first dh would meet someone nice and marry again, she would probably be younger with her own kids, then if he died first she'd get everything and my kids wouldn't get anything unless she decides to share.
Ive seen it happen to friends firsthand and i want to prevent it if i can.

If you’re married it’s difficult to do this.

Maybe look at a post nuptial agreement?

@ShinyClouds , are you a solicitor or a will writer? Only I'm confused with your answers here. If you are just giving your opinion that's fair enough, but if you work in this profession I'd be grateful if you could explain your replies. Thank you.

You need to go and see a solicitor @ssd

Will do, thanks.

I just wanted to ask on here if anyone had experience before i speak to someone.

I’d tell them what you’d like to achieve and then they will be able to advise you of the best way to do that, and if it’s possible and also cost effective. Good luck

Thank you.