Helping to safeguard some of your assets from future care fees
Aside from the dangers of dying intestate (see our Will Writing page), it’s increasingly likely that unless you make plans now, your beneficiaries could end up with a reduced payout if you or your partner need residential care later in life.
Currently, anyone with more than £23,250 in assets – which includes the family home – is not eligible for any state help with their care fees. Even if you don’t have the cash readily available the authorities can place a charge against your property, allowing them to recover the monies owing when it’s eventually sold – in some cases they’ve become the sole owner of elderly people’s homes.
A Property Trust from Heritage can only be created whilst both partners are alive and hold property as Tenants in Common. The Trust instrument is then included in both Wills but does not come into force until after the death of the first party.
At this point their share of the property - typically 50% - is placed into the Trust for the benefit of their chosen beneficiaries, while the surviving partner remains living in the property. On the partner’s death the Trust ends and the property passes to the beneficiaries
It may sound a little complicated but our professional advisers will guide you through the process – all from the comfort of the very home that you want to safeguard, at a time that suits you.
The level of capital you own (including your home), above which your local authority won’t provide care Source: www.nhs.uk as at Oct 2015