Many queries we deal with at WillPack concern tax. Often, we are asked what can be done when drafting the Will to mitigate tax. This article will deal with the issue of tax from a slightly different perspective, setting out the tax consequences of a Property Protection Trust (PPT) once the testator has died and … Read moreHow is a Property Protection Trust (PPT) Taxed?
What are Protective Property Trusts? Protective Property Trusts (PPTs) are one of the most widely used trusts in wills today. The trust will usually take the deceased’s share in their main residence and give another person known as the life tenant (usually a surviving spouse or civil partner) a life interest in the property. This … Read moreReasons to Use Protective Property Trusts
Whilst it is becoming less and less common these days, from time to time you will come across clients whose land is unregistered at the Land Registry. This will usually come to light if we are searching for a land registry title to see if a property is held as joint tenants or tenants in … Read moreUnregistered Land
When two or more people own a property, there are two types of ownership with the Land Registry, joint tenants and tenants in common. When dealing with property in a Will, depending on how the testators wish to distribute their property, the question of ownership must be raised. Joint tenants is the most common … Read moreJoint Property Ownership
Joint Property Ownership There are two ways in which property (in this context we are referring to real estate or land) can be held; either as beneficial joint tenants or tenants in common. Where property is held as beneficial joint tenants the asset will pass automatically to the surviving owner(s) on death. This means … Read moreJoint Property Ownership