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Concerned about care home fees?
An Englishman’s home is his castle, so the saying goes.
For the majority of people, their home is their main asset and consequently, their main concern is how best they can protect it for theirs and their loved one’s future.
Currently, anybody who needs to be cared for in a residential home with more than £23,250 in assets is required to fund their own care. Due to the high cost of residential care, some may be required to sell their property to release a large sum of capital.
We are able to advise how you can retain your family home, or at least part of it, if you are faced with care home fees, and the answer lies in a Life Interest Trust Will.
How does a Life Interest Trust Will work?
A couple who own the property jointly agree to leave each other their respective shares in a Trust on death. This gives the survivor the right to live in the property for the rest of their lives, and to move to a smaller more manageable property in the future if they so wish. On their death, this share of the property would pass to the children.
Why should I have a Life Interest Trust Will?
The advantage of completing a Will in this way is that if the survivor ends up requiring residential care the Local Authority, under present legislation, cannot take the part of the property that is protected by the existence of the Trust. This ensures that at least half of the property, or the net sale proceeds, pass to the children as desired.
Find out more about Life Interest Trust Wills by watching our video below.
Planning your future can be a daunting prospect but it is a serious one which must take into consideration the possibility that you may need residential care in your future. We have many years experience in dealing with Life Interest Trusts so to book your appointment today, contact Justine Alexander on 01329 222075 or email email@example.com.