For couples who jointly own the family home, with the right advice, there is a way to protect at least half of the value of their property, so this can eventually be passed on to the beneficiaries of their Estate.
It requires that you sever the joint tenancy of your home so that you and your spouse or civil partner own your home as tenants in common – this may sound complicated but again we can help you here! You then need to rewrite your Will to incorporate a Trust for your own share of the property and then your partner will be granted a life interest in your share of the property after your death.
In the future, should your partner need care then any care fees would be taken from their own share of the property and not the share that is held in the Trust. The Trust element will be held for the future beneficiaries of your Estate and so will not be taken into consideration in funding your partner’s long term care costs.
We specialise in Trust planning and can help you understand your options.
