In our Ask The Legal Expert column we get the latest specialist advice from JCP Solicitors. Mike Downey, Director and Head of Lifetime Planning in South East Wales, who is based in JCP’s Caerphilly office. He tackles an issue around protecting children’s inheritance with Will provisions.
My husband and I have Wills that say when one of us dies everything passes to the survivor. Then, when the survivor dies, everything passes to our daughter. If we go into nursing care, will our wishes be respected?
If your husband died before you and his Estate passed entirely to you, then later you had to move into a residential care home, your finances would be assessed by the Local Authority. If your capital assets exceed £50,000, you may have to sell your home to pay for your care home fees in Wales.
A Property Trust can be set up as part of the Willmaking process, allowing you and your spouse to leave your respective shares in your property in Trust, not to each other.
• The Trust would come into effect when the first of you passes away
• Upon your death, the Executors of your Will usually become Trustees of your share in the property, leaving your partner the other share
• Only the share of the property owned by the survivor will be taken into account in a Local Authority means test
• Property Trust Wills allow the surviving partner to live in the property for the rest of their life
• To create Property Trust Wills, you and your spouse must own your property in joint names and as tenants in common rather than as joint tenants. How you own your property can be amended when you draft your Will.
This is a complex area and it is important to get tailored advice from a Solicitor about your options. For specialist advice, call: 02920 860628 or email: firstname.lastname@example.org.
The question posed is based upon a hypothetical situation. This content does not constitute legal advice and is provided for general information purposes only.