Long term care Wills in WarwickshireIf you or your partner need long term care during your lifetime, your local authority is fully entitled to seize the family home and put it up for sale in order to pay for that care. Around 25% of women and 16% of men will need long term care during their lifetimes, so this is a real issue that many of us will face in the future. How can I safeguard the family home if I need long term care? With the right advice, your property can be protected completely. You and your partner can make a provision in your Will that, upon death, the half share of the family home is placed into trust for your children or other beneficiaries.
This means that you don't own your partner's half share-therefore you cannot be forced to sell it. Are there any legal implications?
By placing part of your property into trust for named beneficiaries, you are proving that your motivation is not avoiding long term care costs or inheritance tax, which is illegal as it is classified as a deprivation of assets. By simply making provision for the development and education of your family, you are protecting what's yours and staying within the law. A well constructed Will can provide solutions to most situations-but you must put your wishes in writing effectively. |