Nobody likes to think about getting old, but it is certainly worth thinking about if you value your home. That is because your house could very well be sold by the local council to pay for your carefees.

As an example, let’s say you own a home jointly with your partner and you live there until one of you dies. The surviving partner continues to live in the house until they must go into a care home run by the local authority. At that point, the local authority will assess the surviving partner for care fees. If their capital and savings are worth more than £23,250, they will have to fund their own care.

Councils place a charge on the property, which is paid when the house is sold. Alternativly, you may be required to sell the house immediately to raise the cash. Money raised from the sale of the house will fund your care until your savings get down to £23,250. That won’t leave much of an inheritance for your family and loved ones.

There are two solutions to the problem available to you. One is a will trust which protects 50% of the value of your home from care costs. The second is a living trust which shields 100% of the property. Both are relatively inexpensive to put into place. Every trust is administered by trustees, the trustees can be the partners or surviving partner and children.

The situation won’t get better over time. The UK’s fastest-growing age group comprises those aged over 85. Councils will face even more pressure on budgets, leaving them with little choice but to continue to sell people’s homes.

To protect your home, contact Maplebrook Wills on 07832 331594.

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