Lincoln Chambers
34-36 Hightown
Crewe
Cheshire
CW1 3BS
Tel: 01270 580537
Fax: 01270 584572
Introduction
No matter what our political interests may be, governments for several decades have encouraged us to take on a mortgage and to own our home.
However, due to the impact of the means testing criteria under the Community Care Act 1990, the equity that thousands of people have built up by owning their own homes is at risk through having to pay for the cost of their care. Depending on your local authority, the means testing criteria as to which assets are taken into account may change slightly, but if your assets total more than £20,500 then you will have to ‘self fund’ your care.
Couples with children may not be overly concerned about the effects of long term care fees, but they may be worried about the fact that they may die and their partner could remarry. In these circumstances what guarantee do they have that their children will receive their estate?
Protecting your home
Many schemes, including giving your house away to your children are dangerous and depending on the circumstances are unlikely to work.
One way of protecting your house from being used for care costs, and ensuring it passes to your children is to make use of our Property Trust Scheme.
In brief our scheme works for couples who own their house jointly. We ensure that the property ownership is ‘tenants in common’ meaning that you own a specific share of the house, usually a half share. We then draft clauses within your Will to place your share of the house in ‘trust’ thereby giving your partner the right to live there for life. Upon your partners death your share of the house will pass to your children or any other person whom you have selected.
The Property Trust Scheme allows the surviving partner to move house if they wish to and does not restrict their lifestyle.
Should the survivor remarry then you can be sure that your share of the house will pass to your beneficiaries and not to the survivor’s new spouse.
Importantly, if the surviving partner attracts any debts or commitments such as payment for their long term care, you can be sure that your share of the house is protected for your beneficiaries and cannot be used to settle such debts.
In Summary
Protecting your home for your loved ones is achievable. To find out more about our Property Trust Scheme please contact us and we will be happy to forward you more information and to answer any questions you may have.
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Tel: 0800 018 4480 - Email: enquiry@completewills.co.uk