Is your home your most valuable asset? Have you worked hard your whole life to pay for and maintain it?
For most people, the answer to both of those questions will be a resounding yes. So with that said, why have so many people still not safeguarded their home the RIGHT way?
You’ve made a Will, stating that, in the event of your death, you intend for your spouse to inherit everything, including your share of the family home. But what if your spouse needs care in later life? Your spouse may be expected to pay for their care themselves… but care fees are getting more and more expensive every year, costing anywhere between £26,000 and £52,000. How can they afford to pay for their care fees and leave some money as inheritance for your children?
This is an upsetting scenario… and unfortunately, it could happen to any of us without the right protection.
The sad truth is that around 200,000 family homes are sold every year to pay for care fees. Estates are drastically reduced- sometimes to nothing at all- to pay for care, leaving beneficiaries with little to no inheritance. The lower limit for care fee means testing is currently set at £14,250. However, your loved ones’ inheritance could be even less than this simply because the home and other assets were not protected in the right way.
Don’t leave your home open to any risks.
All of this can be avoided- with careful planning and professional advice, you can protect your home and savings so that your children can benefit as much as possible. Putting yourself in control means you’ll prevent government authorities and other parties getting their hands on your assets.
If you jointly own your home, we can protect your property with one of our powerful Protection Wills. These wills provide your partner/spouse with a right to continue to occupy the property and buy a replacement property if necessary. The capital share you have in the property will also be protected. The property is also safeguarded from local authority means testing.
The ideal scenario is that half the property is protected from loss, and the other half is disregarded by local authorities. What this means for inheritance is that at least half of the property’s shares will be passed down to your children.
This plan of action is applicable even if you have a mortgage!
Future stress and heartache for your family and beneficiaries can be avoided, but you must act sooner rather than later. If you fall ill and require permanent care, or if you unfortunately lose mental capacity for any reason, it will be too late to protect your home and assets.
Sadly, many people put off planning for the future until its too late, leaving children and loved ones devastated to realise that the situation could have been easily avoided. The sooner planning is put into effect, the more effectively we can help you ensure that your assets go to those you love … not those you don’t!
Do you have Savings?
While the family home is usually the most valuable asset, we can also help you to protect your savings. Speak to us today to find out the best way to protect your assets.
Protect your Home and your Savings from unnecessary, avoidable losses. Accord can help ensure your loved ones benefit as much as possible from your estate.
Act today and protect those you love
If you want to be certain that your assets will pass down your loved ones or children you’ll need more than a basic Will.
Four Seasons Future Planning will help you every step of the way.