For the majority of us, the family home is our largest and most valuable asset. Following our death, many of us want the home to pass to particular beneficiaries; most commonly our children.
What would happen if you had someone else living with you? This could be a partner, spouse, relative or friend for example. If you leave the property directly to the beneficiaries, it can leave that person with no where to live. If you leave the property directly to that person, and they meet a new partner or go into care, the beneficiaries may not inherit the property as you wish. Ensuring the person has somewhere to live after your death, could be equally as important as making sure it passes to the children.
A “Right of Occupation Trust” is often the fairest, and most robust option for all involved. It would ensure that someone could live in the property for a certain timeframe, but also protect the asset for the children.