Lasting Powers Of Attorney
Often people in old age find that it is no longer practical to live alone and as a result of this, find themselves having to move into long term care. The costs can be considerable. This may mean that all the assets that you have built up during your lifetime, particularly your home, will need to be sold in order to pay for that care. This often seems unfair when some people are able to achieve the same care and standard of living without having to contribute in quite the same way.
As people are now living longer, the issue of funding long term care needs to be considered by us all. However, the position needs to be dealt with carefully as you may find yourself in difficulty if it is considered that you have deliberately deprived yourself of an asset to avoid paying care fees. A simple transfer of your home to your children may not cover the situation.
Planning well in advance may make it possible for you and your partner to make a provision for your property through your Will. This may allow a transfer of property from one partner to the other on death with the property being held in trust for the benefit of children whilst allowing your partner occupancy rights. This may, if dealt with correctly, avoid payment of care fees for the survivor.
Various situations can be considered and various methods used to best protect you, your family and your assets. To discuss wills and probate, please contact us and ask about protective property trusts.
