Protecting Your Home from Care Fees

The Role of a Property Protection Trust

Every year, approximately 40,000 homes are sold to cover care costs, making this a major concern for many homeowners. Without the right safeguards in place, your property could be at risk if you or your partner require long-term care.

The Risk with a Basic Will

Most people own their homes as Beneficial Joint Tenants, meaning the property automatically transfers to the surviving spouse upon the first death. Eventually, it is passed on to children or chosen beneficiaries. However, if the surviving partner requires care or remarries, the property may be used to fund care fees or even end up in the hands of unintended beneficiaries.

This issue is particularly concerning as over 60% of British seniors do not have a Will, and among those who do, many have a simple mirror Will, which does not provide protection against care costs.

In England, individuals with assets exceeding £23,250 (or £50,000 in Wales) do not qualify for state assistance with care fees. As a result, many families face the distressing reality of having to sell their home to finance care. Furthermore, if the surviving spouse remarries and later passes away, the property could be inherited by someone else’s children, leaving your own family with little or nothing.

The Solution: A Property Protection Trust (PPT)

A Property Protection Trust (PPT) Will is a proactive step to safeguard your home. By setting up a PPT while both partners are alive, ownership of the property is modified to Tenants in Common, where each partner owns a distinct 50% share. This ensures:

Automatic protection of 50% of the property’s value upon the first partner’s death.
Prevention of forced property sales to fund care for the surviving spouse.
The surviving spouse retains a ‘Right of Occupancy’, allowing them to live in the property for life.
The deceased partner’s share is passed to chosen beneficiaries, typically children or grandchildren.

A PPT Will provides peace of mind, ensuring your loved ones inherit your share of the estate while offering essential protection against unforeseen care costs.

Would you like guidance on securing your home with a Property Protection Trust Will? Get in touch today to explore your options.

Talk to us about setting up a Property Protection Trust Will Upgrade

This involves a telephone consultation to ensure that a Property Protection is the write type of Will for you and your spouse.

We would then draft your wills (for both you and your spouse) - send to you for approval, before sending out your final wills for you signatures - We can then offer a free (for 12 months) storage option, then just £25 per year. (see other products). Or you can store your wills safe your self.

Call for more information - 01332 215 151

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