Wills and estate planning

JGB1955

When my father entered a nursing home ( for palliative care) I was told that the average resident was there for 2 years.

Radiantsoul

I wonder who these will writers are? Who are the directors? My guess is they are transitioning from ppi or something similar. I suspect the company will disappear in the near future. 

If you into a care home in 40 years time will they even exist? Will writing at 50 quid a pop is unlikely to be sustainable when overheads are factored.

ourkidsidmse

Tealblue said:

ourkidsidmse said:

We paid £50 for a will writing service and after discussion it was recommended we have some form of protection trusts included to protect our estate and childrens inheritance incase care home fees are needed in the future. We were going to be charged an additional £700 to include this extra trust protection written into the will, does this sound a reasonable charge? 

There seems to be a gap in the logic somewhere. If this 'protection' is written into your will, it will only come into force when you are dead, so why would you need care home fees then?

I think it was on the first death 50% of the property would go to the children potentially protecting half the properrties value being used to fund care, does that make sense?

Mojisola

ourkidsidmse said:

ourkidsidmse said:

We paid £50 for a will writing service and after discussion it was recommended we have some form of protection trusts included to protect our estate and childrens inheritance incase care home fees are needed in the future. We were going to be charged an additional £700 to include this extra trust protection written into the will, does this sound a reasonable charge? 

I think it was on the first death 50% of the property would go to the children potentially protecting half the properrties value being used to fund care, does that make sense?

This shouldn't cost £700.

If you own your property as 'tenants in common' rather than 'joint tenants', you can each leave your share of the property to your children in your will while giving the surviving owner the right to stay in the property until they don't need it or to sell and use the money to buy somewhere else.

It would just be part of your will if you get it done by a solicitor.

There are no deprivation issues with this - the person giving away their share isn't the same person who would be requiring care.  He/she would still have their half of the property value to pay for their own care.

barnstar2077

I would definitely find another solicitor to discuss this with before I did anything. 

pip895

My Father set up a trust just over 7 years before his Death - It did save a bit in tax but to be honest, with the hassle it caused and is still causing I wish he didn't.  Check out this forum for stories of people caught out by dubious trusts:-
Deaths, Funerals & Probate — MoneySavingExpert Forum
Trusts are also going to be in the firing line, of this, and future chancellors so don't expect the rules to stay the same for the next 4 years let alone the next 40!