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This article was published on July 6th, 2022
It is natural that as we age, we start to think about the future, particularly in relation to our care and how fees that occur may affect our assets. If there comes a time when either you or your partner needs to move into a care home, the fees could use up a large part of your assets. Care home fees are inevitable, and there is very little you can do to avoid them. However, there are measures that you can take when planning your estate to ensure that some of your assets are protected. This blog will explain how you can plan effectively for the future.
Setting up a trust is a great way to secure your assets so that you can leave as much as possible to your family and loved ones. By doing this, you will be able to decide who will receive your assets and when or you will be able to delegate this responsibility to someone you trust. If you are looking to safeguard the interests of your beneficiaries, it may be useful to set up a beneficiary protection trust. This type of trust allows your beneficiaries to benefit from your estate after you have died as if they owned the assets, without actually inheriting them. To set up any legal trust, you will need the help of an experienced solicitor that has knowledge of legal, financial and tax matters.
Writing a will is the only way to ensure that your wishes are carried out how you wish after your death. If you die without creating a will (intestate), your estate will be shared out according to the rules of intestacy and problems will likely arise for your family, particularly if you are unmarried and leave behind a partner. Using an experienced solicitor to help you draft your will is the best way to ensure that your will precisely reflects your wishes and that is it fully legal. A qualified solicitor will also be able to assist you in mitigating your inheritance tax liability.
If it is determined that you require residential care, your local council will undertake a means test to determine whether you will be responsible for some or all of the costs of your care home. An experienced solicitor will be able to explain all of the funding options available to you so that you can make informed decisions about your care.
Our experienced team of Wills, Trust and Probate solicitors can help you plan for care home fees whilst planning your estate. We will offer you expert advice on the state benefits that are available to you, the structure of your will, advice on protecting your assets and any other methods of funding for care home fees.
At Thorneycroft Solicitors, our expert team of Wills, Trust and Probate solicitors have earned a reputation for providing a professional and sympathetic approach to all your estate planning affairs.
For more information and advice, contact us today by calling 0800 1979345 or by filling out our simple enquiry form.