Avoid the payment of care home fees in your Will.

If you read our blogs on a regular basis you will be well aware that 70% of the population die without making a Will.If you don’t then you may find this a shocking fact.

The question is does it register sufficiently for you to make the effort  to  do something about it if you haven’t got a Will.

We have listed all the reasons why people should make a Will several times so we won’t do this again here but make sure you look at our website which will tell you all you want to know.

If people think of Wills and estates the biggest threat they see to preserving what they have when they die for the next generation is inheritance tax.

For married couples with estates worth more than £650000 this does present a problem but they can work out what their potential liability will be and take action by giving value from their estate to their children whilst they are still alive.

However  most estates that go through probate are under £300000 which means thereis no inheritance tax.

So what is all the fuss about?

It’s about the dreaded payment of nursing home fees by people who have sufficient money and other assets to cover the cost of their care and the realisation that although they may have cheated [in the nicest sense of the word ] there has appeared  the  unexpected spectre of huge bills from the local authority just to make your last years comfortable or as least as comfortable as the person in the room next to you who are having their fees paid for by the local council.

However help is at hand.By making a Will in a particular way we are able to preserve your or your spouse or your partner’s interest in your home from the threat of care home fees and instead have your fees paid by the council.

All that is necessary is to leave your house  or your half share of the house in trust for your partner/spouse and the local council won’t be able to bring this into the assessment of your assets to see whether you should make a contribution to your care fees paid by the council.

To completely take the whole of the value of the house out of assessment  the prudent thing to do would be to transfer the whole of  your property into a lifetime trust .

For advice on the above and all matters related to post retirement planning please email us at info@consumer-care.co.uk or ring on 0800 088 4660.

If you would like to know more about our Wills and services, click here