Rachael McDonagh, associate solicitor in our private client team, explains how thoughtful Will planning can play a key role in protecting your assets and preparing for the future.
Thinking about potential care needs can feel overwhelming. Many people worry that if they need to move into a care home one day, their house or savings might have to be sold to pay the fees.
The good news is that careful planning in your Will can help mitigate this and give peace of mind to you and your family.
Why care fee planning matters
In the UK, if you need care, the local authority will look at your income and the value of your assets, such as your home and savings, to decide how much you should pay towards your care.
If your assets are above certain limits, you may have to pay for some or all of your care yourself.
Without a plan, this can mean that your estate (what you leave when you die) is much smaller than you expected, leaving less for your spouse, children or other loved ones.
How your Will can help
A Will is not just choosing who gets what when you die. It can also be used as part of a wider plan to manage the risk of future care fees.
While a Will cannot guarantee that your assets will be completely protected, it can:
- Help make sure your spouse or partner is provided for if you die first.
- Reduce the risk of the whole value of your home being counted for care fee purposes in the future.
- Give more control over what eventually passes to your children or other beneficiaries.
Get advice tailored to you
Care fee rules are complex, and the right approach will depend on your age, health, family situation and the assets you own.
Some rules prevent people from simply giving everything away to avoid paying for care. For these reasons, it is important to get proper legal advice rather than relying on generic forms or DIY Wills.
We can review your current arrangements, explain your options and prepare a Will that reflects your wishes and protects your loved ones as far as possible.
If you would like to explore how care fee planning could work in your Will, our wills, trusts and probate team would be happy to help. Contact us on 01772 258 321.