Tenants in Common?

Monkfish_2

I understand how Tenants in Common can be used in a Will Trust to protect half the home from care costs after death, but I have a question regarding Tenants in Common before death.

I have been told that under Joint Tenancy both occupants are considered to own the whole house. So if one needs to go into care, the whole home is up for grabs to pay for that care.

Does Tenants in Common (in equal share) protect half the home if one owner goes into care? In other words, does the fact that you have stated that home ownership is split between two people, mean that care costs can only be pursued against the half of the property owned by the individual that is going into care?

Senior_Paper_Monitor

The information you have been given appears to be incorrect on several counts.

Additionally, if 'care costs' are a matter of general concern for the future (rather than an imminent concern due to impending circumstances of which I you are aware of have reason to be aware) there are valid alternative planning strategies in many cases.

In answer to your last question - yes (but there are many other issues to be considered in such an arrangement).

You need to speak to a specialist - who in turn will need to know what you want to achieve and the overall personal and financial circumstances.