How the social care changes can affect your Will
You may have seen recent news about the Government’s plans to reform adult social care and may be wondering whether these changes could affect your Will or your estate planning.
While the Government has announced its intention and particular changes, many of the detailed proposals are still being developed and have not yet become law.
Current Rules for Care Home Fees
You are expected to pay the full cost of your care if your assets (including your property and savings) exceed £23,250 in England. Once your assets drop below £14,250, your local authority will fully fund your care.
Funding For Long Term Care
It is important to remember that your Will determines who inherits your estate when you die. However, if you require long-term care during your lifetime, the cost of that care may reduce the value of your estate before it is passed on to your beneficiaries.
Under the Care Act 2014, local authorities “mean-test” assets. If an individual requires care, their estate must be used to fund it, overriding any general wishes left in a Will. This means that savings, investments and, in some circumstances, the value of your home may be taken into account when assessing what you should pay. It is therefore crucial that you take the opportunity to review your Will.
Deliberate Deprivation
It is also worth noting that giving away assets solely to avoid paying care fees can be challenged by the local authority under the rules on deliberate deprivation of assets. For this reason, any estate planning should be undertaken for genuine legal and personal reasons rather than to avoid future care costs.
If it has been some time since you reviewed your Will or your wider estate planning, this may be an appropriate opportunity to do so. Here at McHale and Co Solicitors, we offer free Will reviews which gives us the chance to discuss your circumstances and ensure your arrangements continue to reflect your wishes and the latest legal developments.
Our Will Writing Service Includes:
- Personal advice from a qualified Solicitor – You will receive tailored advice based on your individual circumstances. We will discuss your wishes in detail and help you consider important issues that you may not have previously thought about.
- Preparation of a professionally drafted Will – We will prepare a Will that reflects your wishes and explain any relevant legal and tax implications, ensuring you understand the decisions you are making.
- Correct execution of your Will – We will ensure your Will is signed and witnessed in accordance with the legal requirements. This helps to ensure that your Will is valid and can be relied upon when it is needed during the Probate process.
- Secure storage – We will store your original Will free of charge in our secure deeds storage facility and provide copies to you whenever required.
- Professional protection and peace of mind – As a firm of regulated Solicitors, we are covered by Professional Indemnity Insurance. This provides you with the reassurance that your Will has been prepared to the highest professional standards and that you have the protection afforded by instructing a regulated legal practice.
We are always here to help so please call our Private Client Department on 0161 928 3848 or email mch@mchaleandco.co.uk
