Home Protection Plan

Most wills in the UK are set up in such a way that everything passes to your spouse on the first death. Whilst this is ideal when we are young, is it really such a good idea in later life? What happens if your partner is already in a care home? What happens if your spouse is still at home but has early dementia? By writing your will in such a way, you are passing everything across to your loved one who may be vulnerable or who may already have lost capacity. This would be a bad idea as you now risk losing all your assets to pay for care. 

Unfortunately it is not as simple as drafting a new will which leaves your house to the children because your title deeds are likely to include a ''survivorship clause' - and this overrides any will you have written. This unfortunately means the surviving spouse inherits the complete home even if they have no capacity and are already in care. .

 This can however be altered by removing the survivorship clause from the title deeds, thus ensuring you own your house 50/50. Thereafter we can set up a specific form of will trust which ensures, on death that your share of the house shall pass to the children-but with a lifetime guarantee that the surviving spouse can stay in the family home till the day they die. 

Such planning can invariably help protect against your share of the house being swallowed up by care costs. It can also protect it being lost to a new spouse and their children if your surviving spouse re-marries.