Why you should act now to safeguard your home

Time is of the essence when seeking to avoid losing your property to care home fees

If you could do one thing to safeguard your property, would you do it? Very few people would answer no to that question. But many are unaware of both the risk to their home and the urgency in taking steps to protect it.

The chance of you ending up in care is constantly rising. According to the Office for National Statistics, the ‘oldest old’, who have a substantial risk of requiring long-term care are the fastest growing age group in the UK, and it is currently estimated that one in four people over the age of 60 will end their days in care. It is predicted that this will rise to one in three by 2030.

If that happens, the consequences can be financially devastating. The cost of care can be up to £75,000 annually. When you consider the threshold for council support with fees is set at just £32,750, with your home included as one of your assets, the threat is clear. You could potentially lose your property.

Fortunately, there are measures you can take to prevent your property from being counted as an asset.

One step you can take is to put your home into a Protected Property Trust (PPT). A PPT places your home in a trust which safeguards your property. Another possible measure is a Transfer, which involves legally transferring ownership of your home to someone, such as your child.

But time is of the essence. These measures cannot be taken after you go into care.

Tony Marchi, principal at ILAWS, said: “So many people come to us when it’s too late. We’ve even had people saying they will pay anything to sort it out, but once someone has gone into care there’s nothing we can do.”

Another issue is that the cost of implementing these measures will only rise over time.

Tony said: “Our prices are extremely competitive for what we do. But it is only going to go up. Registration fees will rise over time as will basic costs.”

There is also the danger of the government enacting laws that change how your assets are determined for care costs. However, the good news on that front is that the law could not work retrospectively. So, if you

Fortunately, there are measures you can take to prevent your property from being counted as an asset

already have a Trust or Transfer in place, it will still prevent your home from being counted as an asset. The law would only apply to Trust or Transfers arranged after it is passed.

At the end of the day, you have nothing to lose.

ILAWS offers a noobligation free consultation. The firm’s services also include Power of Attorney which is vital to ensuring your wishes are

followed if you find yourself incapacitated.

ILAWS will arrange POA for the low price of £195 + VAT = £234 (plus £87 court and registration fees) when they can cost as much as £600 elsewhere. Wills can be arranged for just £50 plus VAT = £60.

So don’t delay about getting your legal affairs in order. Remember, it’s never too early but it can be too late.