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 Tenancyis required to make your Wills
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.”