tenant in common and care home fees

nicter

Hi
My mother died last year leaving her 50% share of their property to her 2 adult children with my father able to live in the property for his lifetime  They were tenants in common
It is likely my father will need residential care at some point in the future and will be self funding Will his financial assesment  just take his 50% of the property value into account for payment of care home fees or mums as well ?

Keep_pedalling

Just his share, the other half is held in trust. Depending on the wording of your mother’s will, when the house is sold the capital released on her share may stay in trust and your father be entitled to any income earned. Alternatively it may end the trust and the proceeds distributed to the remaindemen (her children)

nicter

Keep-pedalling  Thankyou Do we need to do anything with the land registry ie let them know the beneficiaries are holding 50% share in trust ? Its currently still showing with both parents as tenants in common on land registry 

RAS

Have you registered the Trust with HMRC, as needs doing within 2 years of mum's death?

You could re-registered the restriction on the property, but it's not necessary.

More importantly do you have LPAs for dad?

Keep_pedalling

nicter said:

Keep-pedalling  Thankyou Do we need to do anything with the land registry ie let them know the beneficiaries are holding 50% share in trust ? Its currently still showing with both parents as tenants in common on land registry 

That can all be sorted at the point you need to sell the property. The question about power of attorney is important if you don’t have one things get very difficult. 

nicter

Yes we do have poa for dad thankfully 

nicter

RAS said:

Have you registered the Trust with HMRC, as needs doing within 2 years of mum's death?

You could re-registered the restriction on the property, but it's not necessary.

More importantly do you have LPAs for dad?

Yes we have LPA for dad Think was registered with HMRC at the time but will double check 

RAS

Glad, as it means you get to choose the care home, within reason, rather than him possibly being placed in one at the LA rate. 

It may be worth yourself and sibling having a little conversation about where dad might go if it become necessary. Obviously being flexible, it the situation changes. If he still has friends and family locally, and continued contact, that might be best. If by the time he needs care, that is not the case and neither of you live near him, relocating might be a good idea. 

And just keep an eye on the local market, being aware of the reputation of the different homes and which categories they serve. If you think he needs to go soon, check as some keep waiting lists.

badmemory

You also need to be aware that most expensive is definitely not always best.  The most expensive we looked at well suffice it to say that my sister gagged & ran out.  We missed our appointment but those smells do not appear & disappear overnight.  Another one strongly resembled a prison, so that was another no.

nicter

Thankyou both Mum sadly also needed residential care at the end of her life and we found a home that was excellent and where she was very happy Dad has said he too would like to go to this home and is happy to wait for a vacancy to occur 

RAS

Have you spoken to the home about their waiting list?