WILLS AT HOME

by Christopher Ward

Professional, Friendly & Affordable Estate Planning throughout Northamptonshire, Bedfordshire & Leicestershire

Friendly, no obligation advice in the comfort of your own home




                                          0800 612 1368
                                  or e-mail us your query to willsathome@mail.com      

  
         Using a Will to protect your home  to pay for Residential Care Fees


  

  
Most couples make a Mirror Will leaving everything to their surviving partner and then to their children following the second death. It may come as a surprise to know that your children could end up with very little, or even nothing if one or both of you needs residential care.
Setting up your Will in the right way helps you to protect your property from being taken to pay for care home fees.
 

  
CARE HOME FEES – USING YOUR WILL TO PROTECT YOUR MONEY

Around 80,000 homes a year (220 every day) are taken by councils throughout the UK, to recover long term care costs.
The following is an example of how it works:
Peter and Jane have two daughters. They own a house (as Joint Tenants) worth £250,000. Peter dies and Jane automatically becomes the sole owner of the property. Jane’s health suffers and she later goes into a care
home costing £850 per week. Jane’s property had to be sold to pay for the fees. She lived in the care home for 6 years before she dies, having spent the entire value of the house. Peter and Jane had both died leaving no inheritance to their children.

What could have been done? 

A trust could help save at least 50% of the property. If Peter and Jane had severed their Joint Tenancy to become ‘Tenants in Common’, each owning a
  50% share of the property. Then if they had taken out a Protective Property trust, when Peter died his 50% share of the property would have been held on trust for his two daughters. Jane would have been entitled to stay in the property as a life tenant. She would have security and could even have moved house if she had wanted.Then, when Jane went into a care home only her own 50% share of the property could have been used for the fees, because Peter’s share would be held on trust for his daughters.  When Jane died the children would have been £125,000 better off.


ASK OUR CONSULTANT ABOUT HOW TO PROTECT AGAINST LOSING YOUR HOME TO PAY FOR CARE FEES

Protective Property Trust Wills must be written whilst you are both still alive and in good mental health. Unfortunately these types of Wills are unsuitable if you are single or a surviving spouse who now owns the property outright. It is therefore important for couples to act now.
  

0800 612 1368
or email us your query to
willsathome@mail.com