Tenants in common, joint assests, possible care home fees

UnsureAboutthis

As the title reads, is it legal, and how does it work?

In my view it is only fair if one half ends up in a care home that no more half of the assets are
taken into account.

How do you go about the above for a pretty you live in and jointly named on deeds, your monies/shares jointly named and land jointly owned by a married couple?

Who would be the best professional to consult, and about how much would it cost to set up for something relatively straightforward, as stated above?

The bottom line, is it legal ie worth the paper this contract is written on if there is no indication atm for a care home?

UnsureAboutthis

As the title reads, is it legal, and how does it work?

In my view, it is only fair if one half ends up in a care home that no more than half of the assets are
taken into account. (close to half of the UK population does not own a property as only to eager to disagree)

How do you go about the above for a property you live in and jointly named on deeds, your monies/shares jointly named and land jointly owned by a married couple?

Who would be the best professional to consult, and how much would it cost to set up for something relatively straightforward, as stated above?

The bottom line, is it legal ie worth the paper this contract is written on if there is no indication atm for a care home?

What is the best and quickest way to do this?

I've read many posts all over the internet and I don't need any lectures etc but help/guidance in order to prepare for the next step if this is worth it, IE consult a professional. About "professionals," you and I are aware they come in many guises, some ok, some good, some are bad and a few are there to take your money and this is what I am hoping to avoid.

david29dpo

Easy to change from TIC to JT and perfectly legal
I belive you can do it inline

UnsureAboutthis

You mean this?
https://www.gov.uk/joint-property-ownership/change-from-joint-tenants-to-tenants-in-common

As we are in "agreement," I don't believe we need to involve a solicitor?

As I am continuing to read stuff on the net, I'm guess JT only applies to the main property?

UnsureAboutthis

Do we have to complete a form eash? Looks like there is no fee?

david29dpo

Not sure but i think there is a small fee. Its easy

QrizB

Duplicate thread?

https://forums.moneysavingexpert.com/discussion/6599365/joint-tenants-in-common-potential-care-home-fees#latest

Browntoa

Depends really on the ages of the couple.

Doing it too late in life and it can be considered as " deprivation of assets" to deliberately avoid.

 Councils are pretty hot these days at digging into this and challenging. 

Personally, as it seems there are multiple assets I'd take professional advice as simple mistakes can have expensive outcomes down the line 

Keep_pedalling

For a married couple, apart from severing the tenancy you need wills that set up immediate post death interest trusts. This is not such a good idea if you are not married or civil oartners where there are tax implications of doing this.

The primary reason for doing this is to protect your children’s inheritance in the event of the remarriage of the surviving spouse. You both should see a STEP solicitor about drafting appropriate wills.

UnsureAboutthis

Browntoa said:

Depends really on the ages of the couple.

Doing it too late in life and it can be considered as " deprivation of assets" to deliberately avoid.

 Councils are pretty hot these days at digging into this and challenging. 

Personally, as it seems there are multiple assets I'd take professional advice as simple mistakes can have expensive outcomes down the line 

"do it too late in life." In my view and what I've read of the rules, it is the "fitness..health.. prognosis" that counts for more than age I guess unless you are 90+ of age.

About mulit assesst - I don't trust on the whole "professionals" as often their interest is their commission etc.

UnsureAboutthis

Keep_pedalling said:

For a married couple, apart from severing the tenancy you need wills that set up immediate post death interest trusts. This is not such a good idea if you are not married or civil oartners where there are tax implications of doing this.

The primary reason for doing this is to protect your children’s inheritance in the event of the remarriage of the surviving spouse. You both should see a STEP solicitor about drafting appropriate wills.

Keep_pedalling said:

For a married couple, apart from severing the tenancy you need wills that set up immediate post death interest trusts. This is not such a good idea if you are not married or civil oartners where there are tax implications of doing this.

The primary reason for doing this is to protect your children’s inheritance in the event of the remarriage of the surviving spouse. You both should see a STEP solicitor about drafting appropriate wills.

What is different re "STEP soclitors," please?