If you have not planned for care home costs and end up needing to go into care, there is a very strong chance that you will have to sell your home to fund such care, unless you have made careful plans to protect your home.
Currently, anyone with assets in excess of £23,250 (this includes the family home) may not be eligible for any state help with their residential care fees. This means if you own your home you are unlikely to receive any financial help. In fact, your home may have to be sold to fund your care.
One way around this is a Property Will Protection Trust.
“Most people assume that their home and other assets will pass on to their children or other relatives when they die. This may not always be the case if careful arrangements have not been made to protect these assets from being taken to pay care home fees ...”
Did you know?
You may be forced to sell your home to pay for care fees if your estate is worth more than £23. 250.