Property Trust Wills - How your future care home needs could

by Mark Riley, Founder & Managing Partner, MJR Solicitors

It’s essential to write a Will and preserve your wealth for your family’s future after your death. You should ensure your home is handled according to your wishes after you die, after all, it’s likely to be your biggest asset. As the homeowner, there may be a need for professional healthcare in the future, which could seriously affect how much your beneficiaries could inherit. With married couples & civil partnerships, it’s a common scenario that your Wills state that when one dies before the other, everything is passed directly to the surviving spouse. When the surviving spouse dies in the coming years, everything then passes to their adult child. It’s not wrong – but it can complicate matters.

Let’s look at an example:

An older, married couple, Mr & Mrs Taylor, are both in their 70s, live in England, and have one adult child. The house they live in is owned by them outright and is worth £150,000, and between them, they have life savings of £50,000, so total assets of £200,000.

Their standard Wills both say that when one of them dies before the other, everything is passed directly to the surviving spouse. When the surviving spouse dies in the coming years, everything then passes to their adult child. One day, Mr Taylor dies. In accordance with his Will, his entire estate (money, possessions, and property) passes directly to Mrs Taylor. She then has all the assets transferred into her name, including the family home, which means she now has total assets amounting to £200,000 in her name. Several years later, Mrs

Taylor becomes frail, with health issues that mean she shouldn’t live alone anymore. One day, she falls, which leaves her unable to look after herself or her home properly. With no full-time care available from the adult child, it means Mrs Taylor has to find residential care accommodation.

Normal procedures mean that Mrs Taylor has her needs and finances assessed by her local council to determine whether she can pay for her residential care. Because she has more than £23,250 in her name, her care costs do need to be paid by her. The cost of the care home is £30,000 per year, and she stays there for 5 years, meaning her total care fees come to £150,000. With her total assets of £200,000 now reduced to £50,000, it means the adult child would now inherit that £50,000 only.

To see how a Property Trust Will could change this scenario for the better, visit the Blog page of our website to finish the story.

Contact us today for your FREE initial consulation and our team of experienced legal specialists can help set up your Will in the best way possible for you.

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Tel: 01243 945054 info@mjrsolicitors.co.uk www.mjrsolicitors.co.uk

Recent Client Feedback:

Having any Will in place is important, but if you’re a homeowner, it’s imperative that you protect the value of your home by ensuring your Will is set up correctly. This can be complicated for the uninitiated but MJR’s team of legal specialists will act on your behalf, meaning a much easier process for you, giving you advice and answers to your questions, so you have all the jargon-free facts you need to make the right decisions for your beneficiaries.