Care Home Costs (Single)

Care Home Fees where planning has NOT been done and you are single, divorced or widowed.

This situation does not fit the standard plan where the property is severed from being Joint Tenants (the normal way to buy) to being Tenants in Common (where the property is split 50/50, the result giving the protection after seven years+ by putting one share in Trust)

If you are the sole owner with no previous split in property, then we have to look at life planning which is done whilst you’re alive. We put the whole property into trust immediately on signing a Trust deed. effective immediately. Once in the Trust it cannot be used for care plans and give other protections as well. This is more expensive as it conveys the property to be owned by the Trust, not you. Being “one step away” is what makes it works, with other nice tricks up its sleeve. Once you pass, the Property then goes into the Will and is received by the Trusts already setup.

The key areas to consider are that the property ideally doesn’t have a mortgage or charge on it. Commonly if a charge is put on the property, ie “Equity Release” the providers do not like Life Trusts”. SO if you have or are considering Equity Release, this may pose a problem.

We normally offer a Life Trust as a total package including a free Will. This package needs a full explanation to ensure it’s right for you, but for many people its the only option they have.

Many worry that they will lose control of their property so can’t sell or move, but this simply is not the case, you can do what you like with it.

If this interests you, please book a free visit to discuss, or just mention it if we have a meeting booked.