This week the Prestige Tax and Trust Services blog wants to take the time to explain the advantages of deed of gift in protecting your property.
What is a Deed of Gift?
A deed of gift (transfer of equity) is basically a term that legal experts attach to the process of adding one or more people to the deeds of your property, with four the maximum allowed by law.
To find out more about a deed of gift, check out a previous article we’ve written on the subject – Protect Your Property with a Deed of Gift– which will give you more information on what a gift of deed is, why you should use it, the risks attached to it and how you should use it.
The Advantages of Having More Than One Name on the Deeds
What Prestige Tax and Trust Services wants to focus on this week is that the advantages of deed of gift come from the fact that they allow you to add up to four people to the deeds of your property, which is good for a number of reasons, including:
- Facilitates Joint Ownership: Whilst a deed of gift is the process of transferring legal ownership of a property, one of the original owners must stay on the title, allowing for joint property ownership.
- Prevents Delays: When you die, ownership of the property in question automatically transfers to the person named on the deed, meaning that you can avoid the ramifications of probate fees and possible delays.
- Saves Your Property From Consideration for Care Fees: If you go into care, any property you solely own goes into consideration of care fees, however, property with more than one name on the deed cannot legally be taken into account in such an assessment; saving it from consideration for care fees.
- Specifies Who You Can Leave Your Property To: Normally, if you have several children when you die, ownership of your property will pass to all of them. However, say you want it to pass to only one. By naming them on a deed of gift you can make sure that the property is automatically theirs when you die, as they are named as legal owner, and the property therefore cannot be a part of your estate.
- Allows You To Protect Your Property: If you feel a beneficiary of your estate may be financially unstable – and could possibly place the property in danger – adding names to your property’s deed via a deed of gift allows you to make sure it doesn’t fall into their hands.
Essentially, the advantages of a deed of gift stem from the fact that because it allows you to add extra names to your property, you can make sure that your property falls into the ownership of who you wish when you pass away.
That is why it is important that you invest in a deed of gift, and Prestige Tax and Trust services has the legal capability to help you create a gift of deed, which you can then use to truly protect your property once you pass away.