Posted by Sean Maudsley-Barton | February 20, 2014
Protecting property from care home fees
One aspect of estate planning and wills is what happens if you own a property with somebody else, You might own a property with a partner you are not married to, another family member or a business partner. It is important for you to know whether you own it with them as ‘joint tenants’ or as ‘tenants in common’.
Owning as ‘joint tenants’ ‘will mean that, on the death of either owner the whole property will belong to the other joint party even if the deceased’s will tries to pass the deceased’s share to someone else.
Only if you own a property as a ‘tenant in common’ are you able to control who will inherit your share of the property on your death. This may have significant consequences if you are concerned about protecting your home from care home fees.
Our experts are able to give you clear advice regarding the protection of your family home, or other property assets, and address any concerns you may have regarding estate planing, IHT or long-term care issues. Take a look at our comprehensive will and trust services