What are the alternatives to property protection trust? If after assessing the pros and cons of a property will trust, you decide they are not the right option for you to maintain family wealth, you may want to consider the alternative estate management options. These include: Lifetime trusts, which you can get income off while you are alive. A discretionary trust will for vulnerable or mentally incapable individuals. Transfer the property into your children’s names as a gift. However, this is likely to have inheritance tax consequences, and there are risks to the estate, such as if a child faces bankruptcy or divorce. Therefore, you could also look at an inheritance tax planning trust. Family protection trust.