Care home costs part two:
Ways to Lessen the Burden of Residential Fees
Time to Start Thinking about the Future…
Overall the options above are worth serious consideration because if you were required to sell the home, for some reason, your beneficiaries would get a share of the property or value of the property rather than the property being consumed by care fees and your family ending up with nothing. The options above are certainly not exhaustive and there are many others open to you in terms of how you own your home but these are highly complex and it is recommended that you seek professional assistance, such as from your solicitor, before taking any forthright action.
This article was primarily written to start the ball rolling in terms of looking to the future and getting you, and your family, to begin thinking about the possibility of one day paying for residential care.
If you own property, no matter how old you are, it must be stressed that it is critical that you start preparing to draw up a will. If you do not and leave it too late, this may lead to unfavourable consequences. Many assume their property passes down the family automatically but this is not always the case, especially if you or a member of your family dies intestate (without a will).
Therefore, if you have not already done so, it is highly recommended that you and your family start to think about the future of your property/assets and then towards how best to protect them. Many find death and the discussion of wills and preparing to write them a difficult topic. However, a will is a practicality that should not be pushed aside until it is too late, but rather an act which must be viewed as positive and one of preservation, in the name of our families and the land we all call our home.
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