Ensure your home is protected
Statistics show that 1in 3 women and 1 in 4 men over the age of 65 will eventually have to live in a Care Home. Current legislation states that if your savings and the value of your home are over £23,250 then you could be expected to pay for your own Care Home costs, even if it means selling your home to do it.
Considering the average cost of Care Home fees is around £3,500 a month this means the legacy you wanted to leave your loved ones will rapidly disappear. Imagine your family home ending up going into a Government slush fund. Every year around 70,000 homes are sold to pay for the Care Home fees of their owners.
On the other hand, there are also examples of ex-spouses or future spouses where the surviving spouse has re-married, inheriting the family home with the children inheriting very little or even nothing.
You can save your home with a Protective Property Trust. While this can be written in when making a Will, the basis on which you own your home may have to be changed. A clause should also be written into your Will allowing the surviving partner to remain in the property for as long as he/she wishes to do so. This however, can only be set up if you are both alive.
As everybody’s personal circumstances are different, it is important to think very carefully and obtain the right guidance/advice before setting up a Protective Property Trust. Legislation can also change and there is no guarantee that local government will not change the rules along the way.
For more information on Protective Property Trusts, email Karen or ring 0151 305 2305.