Protect My Home From Care Fees - England & Wales

Care Home Fees Protection Will Trust | Instructions taken via Video, Telephone & Home Visits

Protect your Home and Savings from Long Term care fees, with the use of Trusts. Make an appointment and we will shows you how to save thousands of pounds on care fees ! Friendly service
We can take your instruction in the comfort of your own home throughout all of England & Wales postcode areas. Special Offer – apply online or via Video Call and save up to £60 Off Now. Professionally Drafted Will Explained Without The Confusing Legal Jargon. Book A Video or Telephone Appointment Now.  Over 10 Years Experience. Peace of Mind For You And Your Loved Ones.

5 REASONS FOR MAKING A WILL

  • Appoint your Executors of your Will
  • Distribute your estate
  • Appoint legal guardians for children under the age of 18
  • Protect unmarried partners and children from previous relationship
  • Mitigate Inheritance tax

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Care Home Fees and Life Interest Trusts in Wills

Care Home Fees and Life Interest Trusts in Wills – England & Wales

WRITING a will is essential for EVERY adult no matter how old you are or how wealthy. But most people in the UK simply never get around to it.
With an aging population and an increased need for individuals to be cared for in residential and nursing homes has led to an increase in care home fees with the average resident paying £26,000 per year.

The Local Authority (LA) throughout England & Wales are responsible for covering the full cost of residential care for those with capital assets below £14,250. For those with assets valued between £14,250 and £23,250 the Local Authority will make a contribution. However, Local Authorities will not assist with care home fees in circumstances where an individual has capital assets over £23,250.

The high value of the homes of most couples/civil partners in England and Wales mean that their capital assets far exceed the Local Authority threshold and therefore they will be liable to pay care home fees in full.

We have made the process of planning for care home fees now easy to provide  peace of mind for the future and ensure you still have something to pass on

Including a Life Interest Trust in a Will

One solution is for married couples to include a Life Interest Trust in their Wills, in favour of the survivor on first death. This avoids the full impact of care home fees and to safeguard their children’s inheritance as far as possible. However, careful drafting is required if the Wills are to have the desired effect. Also, where, as is usually the case, the home is jointly owned, the type of ownership will need to be checked to ensure that the Wills will operate effectively.

In the UK there are two different ways in which property can be owned jointly, either as ‘joint tenants’ or as ‘tenants in common’. If a property is held as joint tenants this will mean on the first death of a couple the property will automatically pass to the survivor by survivorship regardless of what their Wills say. This means that the survivor will become the sole owner of the property and the Will Trust will be ineffective. As a result the full value of the property will be taken into account if the survivor subsequently has to go into care. However, in order to avoid this situation it is possible to ‘sever the joint tenancy’ to convert the joint ownership of property to what is known as a ‘tenants in common’ basis. This means that each of the joint owners can direct in their Wills as to how they wish their share in the property to be dealt with on first death. In this case it will pass into the Trust, as desired.

The survivor will be given a life interest in the half share of the property held in the Trust which will be created by the Will of the first of them to die with, typically, the share eventually passing down to their children after the survivor’s death. The terms of the Trust will allow the surviving partner to live in the property rent-free for the rest of their life. Importantly, based on current legislation, the LA cannot take into account the capital value of the half share of the property held by the Trust when assessing the survivor’s liability to pay care fees if they have to go into a home.

In essence this will protect the value of a half share of the property for the children. It will not, for example, be possible for the LA to challenge this arrangement on the basis that the survivor has ‘deliberately deprived themselves of assets’ to avoid paying care fees. This is for the simple reason that the survivor has not in fact given anything away but has simply received a ‘trust interest’ rather than an absolute interest under their spouse’s Will.

Considerations

If a person can no longer afford to pay for their care then the LA will be required to take over funding. This could mean that this individual is moved into a less expensive care home which they do not like.

If both spouses/civil partners require care during their life times then a Will Trust offers no protection against care home fees because the Trust does not come into effect until the first of the couple dies. However, this is a rare occurrence and the writer has only encountered it once in practice. This is because while both spouses are still alive they are generally able to support each other, possibly with the help of care provided in the home.

There are important administrative and legal issues that need to be dealt with in setting up the Will Trust and we are able to assist with those. If you would like further information about setting up Life Interest Trusts in your Wills please do not hesitate to contact us now on 0800 368 9770 for a FREE quote or for free help and advice from our experts. We’re waiting for your call.

3 simple steps to protect your loved ones and property

Gives Us Your Instructions

Complete our quick and easy online questionaire in the comfort of your own home

Will is Drafted

We will review your instructions before preparing your Draft usually with 14 days

Signed & Secured

Your final documents are returned to you for signing and securely stored

How it Works

APPLY ONLINE

Complete our online questionaire or arrange a Telephone / Video Call

GIVE YOUR INSTRUCTIONS

This covers information about your beneficiaries, property and assets

PAYMENT

Once you are happy that everything is included in your instructions we present you with an Invoice

DRAFT LEGALLY PREPARED

We will prepared and send you a draft either via email or post within 14 days

REVIEW YOUR WILL

Your document is available for further amendements before the Final document is prepared

SIGN & REGISTER

Your Final document is sent via recorded delivery to be signed and witnessed.An optional storage facility is available

Contact

Useful Info

Care Home Fees and Life Interest Trusts in Wills

Home Visit, Virtual and Telephone Appointments available where applicable in :
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Our online Wills service makes it easier than ever to plan for the future and ensure that your loved ones are provided for when you’re gone. You can draft your Will at a time that suits you, without having to come into our offices. It’s simple, efficient, and stress-free

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