PROTECTIVE PROPERTY (OR 'LIFE INTEREST') TRUST WILLS - £49.95How to avoid losing your home to pay for long term careAs current legislation stands, if somebody has to go into long term care the Local Authority has the power to seize all but £22,500 of their assets as a contribution towards the cost of that care. A common problem is how to protect the family home from being seized in such a manner – and as official government statistics show that some 69,000 homes are seized every year to fund long term care (which is equivalent to one home being sold every four minutes) this is a big issue - but it easily be prevented by making the correct Wills. First of all, though, it is important to understand that while you are both alive if one of you goes into long term care then the Local Council cannot seize the property provided that it is in both your names as Tenants in Common – they can only seize the property if the person going into long term care owns the property 100% outright. But what if one of you dies? You need to ensure that the ‘survivor’ never owns the property 100% outright. This is achieved by both of you having Wills leaving your share of the property to the eventual heirs of your estate after you have both died, but specifying that the survivor of you has a lifetime right to live in the property (a ‘Life Interest’) after first death. So, if one of you dies, the survivor only owns 50% of the property - and so it cannot be seized to fund long term care.
How to write ‘Protective Property Trust’ Wills with our Willwriting Service.You must complete both steps 1 and 2 and you must both be alive now. If you are a sole survivor or a sole owner it is already too late - so if you are a couple you need to act now.
Your home will now be fully protected from being seized to pay for long term care(with the added bonus that the Protective Property Trust is automatically transferred to any |
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