Life Interest Trusts
Get your Will today for only £129...
A LIT is one of the most common, easiest and cheapest ways to protect your half of your major asset, your home
Most people own their home as a joint tenant with their partner meaning on passing away, the surviving partner automatically gets the entire home and as most people are life insured for the value of the mortgage or more, the entire value becomes theirs.
By incorporating a Life Interest Trust, you can gift the right for live in your half of the property to your partner for their lifetime with the flexibility they can sell it and move on. However, upon their death, your half gets distributed where you want it to.
This is particularly prudent if you have children from a previous relationship or if you and your current partner have children but they could remarry and gain step children, in which case the asset will be diluted away from your blood relatives.
Costs of a LIT
These cost £228 for each Will to set up which is around 0.2% of the average UK house price and includes severance of the joint tenancy and changing to tenants in common.
Contact us today
Safeguard Wills can help you with all aspects of will writing including Lasting Power of Attorney (LPA), various Trust options, Funeral Planning and Living Wills. Even if you have an existing Will, is yours currently up to date?