Wills & Probate Solicitors in Birmingham & Manchester
Recent statistics suggest that a large percentage of us will be spending a third of our lives in retirement as a result of the huge increase in life expectancy. Unfortunately, this also means that there is a higher risk that we may need nursing or residential care due to lack of capacity, poor health or just general old age. Care home fees can be expensive, and you should have provision in place to prepare for them. To find out more, find a private client solicitor to guide you through your options.
Some people will have to contribute towards care home fees and it is regrettable that we are not always in a strong financial position to pay for private care and therefore rely upon Local Authority care homes. Although care provided by Local Authority reduces your care home fees, a financial contribution may still be required.
To establish the contribution, your income will be means tested and some of your capital assets including your home may be taken in to consideration.
If your home is taken into consideration the Local Authority will place a charge on your property so that they can recover the monies due to them once the property is sold, to contribute to you care home fees. In some circumstances they may insist that the property is sold immediately.
However, the value of your home will be disregarded if your stay in residential care is only temporary or your spouse remains in occupation, provided you are not separated or divorced from each other, or you have a relative living with you who is aged 60 or over or under the age of 16.
Continued ongoing care home fees could result in the loss of virtually all of your hard earned assets, and the result of very little of your Estate being left to any loved ones by way of your Will following death.
At Wildings Solicitors we have professional private client solicitors on hand to offer you advice with regard to ways to protect some of the property by way of a protective property trust created in your Will should you have to go into care. The protective property trust can protect both married couples and those in partnership where the property is currently owned jointly.
It is vital that steps are taken to protect your home whilst both spouses or partners are alive and do not currently Local Authority care. If you lose your spouse or partner and then require care in the future it is difficult to take steps to protect your property. Make sure that you are informed, by getting in touch with a private client solicitor today.