Most people do. Many write a Will to ensure that the assets they worked hard to acquire during their lifetime are passed on to their loved ones when they die. However, with advances in medical science meaning people are living longer and longer, more and more people are finding that they need to move into care homes in later life.
Currently, anyone with assets in excess of £23,250 (this includes the family home) may not be get state help with their residential care fees. Not many homes are worth less than £23,250 so pretty much anyone who owns their own home is unlikely to receive any financial help. In fact, of you need to go into care, own a home and have no protection policy in place, it is very likely that you will have to sell your that home to fund your care.
Average residential care fees are in excess of £700 per week. Many homes in the South East cost nearer £1,000 per week. How much money will be left in your estate to pass on to loved ones?
There is a way, however, that this situation can be challenged. A Protective Will Property Trust can be set up to protect your estate from being taken to pay for care home fees.
Did you know?
22,000 homes were sold in 2010 to fund care. Source: National Assistance (Sums for Personal Requirements and Assessment of Resources) Regulations (Amended 2011) (England).
Figures show that 1 in 2 women and 1 in 3 men will require long-term residential care at some point in their lives.