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The Financial Conduct Authority does not regulate wills and trusts.
A Will Trust is often known as Protective Property Trust and involve changing the way you own your family home from joint ownership to ‘tenants in common’. The Trust comes into being on the death of the first partner. This can achieve the desired outcome for many people who wish to leave their share of the property to beneficiaries who otherwise might not inherit such as children from previous relationship.
Trust Will is relatively inexpensive to set up and has its benefits for many married and cohabiting couples.
Lifetime Family Trust is often known as Asset Protection Trust. Unlike Will Trust, this is established straight away. Lifetime Family Trust is far more expensive than basic Will or Will Trust.
As this involves transferring your family home into a Trust while you continue to live in it, it offers valuable benefits from ensuring that your home will pass to those individuals you wish to benefit at a time selected by you – for example, when you die to passing control of your home to the Trustees should you lose capacity. As you no longer own your family home in your personal name, it may avoid the value of your home being included in a local authority means test for residential or domiciliary care.