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Protecting against Care Fees

Around 1 in 3 couples are affected by having to pay for residential care fees, which might leave nothing for the family to inherit. Yet for less than the cost of 1 week’s care fees you can create Wills which greatly reduce the problem.

 

Here is how it works:-

A couple (whether or not they are married) can arrange Wills to protect at least some of assets against care fees. Rather than simply leaving everything to each other, you leave your share of assets to a Trust, such as a Property Trust. The particular terms of the Trust should be specific to your instructions, but usually they allow your partner/widow(er) to have the use of the assets - most typically it allows them to carry on living in your share of the family home just as if they owned the whole property. Often this includes being able to sell the house and buy a replacement in the normal way.

 

However, if the the house is simply sold then your partner/widow(er) can only use their half of the money as they wish - such as to spend it, give it to their new spouse/partner or indeed to pay for their own long term care. Your half of the money is still owned by the Trust, protected according to the terms you specified and typically letting it be passed on to your family.

 

If you would like to discuss protecting your home from the effect of care fees and ensure your loved ones inherit as much as possible of what is probably your greatest asset simply Contact Us. As part of our service we will also check the details of how your house is owned, in case Severance of Tenancy is required to make your Wills effective.

Protecting Against Care Fees

“It makes me so angry to think that after a lifetime of hard work and careful saving there might not be anything left to pass on to the family.”