IMPORTANT INFORMATION FOR HOME OWNERS
The 1993 'Community Care Act' empowers Local Authorities to make you financially
responsible for contributing towards care cost fees. (if your assets exceed £23,500
you are deemed able to pay the full costs). This may mean that your loved ones
will not receive the benefit of your hard work over the years. With Local
Authorities coming under increasing financial pressure this act may be used more
and more in the future.
At Will Solutions we can prepare a Protected Property Trust to ensure that your
share of the house passes to your loved ones on the subsequent death of your
surviving spouse, regardless of whether or not he or she had remarried after your
death, or indeed had to go into care.
How Does the Protected Property Trust Work?
Each partner leaves their share of the property in trust for their children or other
beneficiaries rather than to the joint owner of the property.
This means that the survivor never becomes the sole owner of the property, which
prevents the Local Authority including the whole value of the property when
totaling assets, if the survivor needs permanent residential care. Only the value of
the survivor’s share of the property would be included in any means test
Only after the survivor dies does the first share of the property pass to the children
or other beneficiaries. The survivor cannot be forced to sell or move without
consenting. The Protected Property Trust can also protect the residential rights of
a current partner if the property share is to be left to children from a previous
relationship or other beneficiaries.
You can only use a Protected Property Trust whilst both property owners
are alive and of sound mind. If this applies to you ACT NOW whilst this
option is open for you.
Do the right thing . . . Making a Will is the only way to protect your family and give them peace of mind.
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