A Deed of Trust is where you are owning property as co-owners and would like to formalise the amount you would receive in the event the property was sold or you would like to state how much your beneficiary would receive from the property in the event of your death.
Without a clear statement of your wishes the normal position is that if you die the house will automatically be owned by the survivor. If you both die then the person who is deemed to have died last their family would inherit the whole asset.
If you sell your home the presumed position is that you would each be entitled to one half of the proceeds of sale.
If one party has put more money in at the beginning and you think it is fair that they should get that money back on a sale or on inheritance then you need a Deed of Trust to make sure this happens.
The process is quick and relatively cheap.
Can I do a deed of trust after I have bought a property?
You can and for the same fee of £500 plus VAT of £100, with a total of £600.