Power of Attorney

[denislawsbackheel]

Far cheaper to change how you own the house to tenants in common.
Then you and your wife write a will leaving your halves to your daughter.
Then whoever dies first passes their half to your daughter and it cannot be touched for care home fees.

See
https://www.gov.uk/joint-property-ownership/change-from-joint-tenants-to-tenants-in-common#:~:text=all%20owners%20agree.-,Prepare%20any%20supporting%20documents%20you%20need%20to%20include.,There's%20no%20fee.

 

[VOOMER]

You might be referring to IHT liability there bud.

Yes indeed,

The correct Trust would be a Family Asset Protection Trust. This doesn't guarantee a local authority cannot seek to claim care home costs but it generally provides a sufficient barrier that the authority doesn't bother. As for the £760 cost, we charge £3495.00 for such a Trust which is in line with our competitors. On a separate note I always encourage my clients to put in place their LPA'S as the cost of obtaining this retrospectively via the court of Protection is imposing.

My figure is from memory, but that £3495 is worth every penny, considering the emotional distress, I take it that you include an insurance policy to cover future legal needs?

 

[VOOMER]

Far cheaper to change how you own the house to tenants in common.
Then you and your wife write a will leaving your halves to your daughter.
Then whoever dies first passes their half to your daughter and it cannot be touched for care home fees.

See
https://www.gov.uk/joint-property-ownership/change-from-joint-tenants-to-tenants-in-common#:~:text=all%20owners%20agree.-,Prepare%20any%20supporting%20documents%20you%20need%20to%20include.,There's%20no%20fee.

At times, bluemoon is a true source of support.

 

[Blue Maverick]

Far cheaper to change how you own the house to tenants in common.
Then you and your wife write a will leaving your halves to your daughter.
Then whoever dies first passes their half to your daughter and it cannot be touched for care home fees.

See
https://www.gov.uk/joint-property-ownership/change-from-joint-tenants-to-tenants-in-common#:~:text=all%20owners%20agree.-,Prepare%20any%20supporting%20documents%20you%20need%20to%20include.,There's%20no%20fee.

Thanks for that, ill have a look maybe contact a solicitor for my free 30 mins before I write a will.

 

[ob]

Thanks for that, ill have a look maybe contact a solicitor for my free 30 mins before I write a will.

We did that with my other half and her mum/dad. Too late to change the mum's but changed the dad's so half the property goes to the 3 siblings rather than his wife. She's in care home and if he died first the council would get all the money from the property for her care.

 

[Blue Maverick]

We did that with my other half and her mum/dad. Too late to change the mum's but changed the dad's so half the property goes to the 3 siblings rather than his wife. She's in care home and if he died first the council would get all the money from the property for her care.

you mean you changed the tenancy agreement?

 

[denislawsbackheel]

I think he means the will

 

[Brooklands Blue]

Yes indeed,


My figure is from memory, but that £3495 is worth every penny, considering the emotional distress, I take it that you include an insurance policy to cover future legal needs?

Yes it's backed with an indemnity policy with cover of up to 5 million pounds which is what deters most local authorities.

 

[PragueBlue]

Far cheaper to change how you own the house to tenants in common.
Then you and your wife write a will leaving your halves to your daughter.
Then whoever dies first passes their half to your daughter and it cannot be touched for care home fees.

See
https://www.gov.uk/joint-property-ownership/change-from-joint-tenants-to-tenants-in-common#:~:text=all%20owners%20agree.-,Prepare%20any%20supporting%20documents%20you%20need%20to%20include.,There's%20no%20fee.

That's what we did.

 

[ob]

you mean you changed the tenancy agreement?

Not sure to exact, I thought changed will so if house sold money goes to the children not the wife