Plan Ahead to Protect Your Assets
Without proper safeguards, our hard-earned assets, like our property, could be entirely lost in value to care home fees, leaving little behind for our loved ones to inherit.
Safeguard Your Home, Secure Your Legacy
Homeowning couples must take action now
At April King Legal, our bespoke solutions, like April Wills®, include property protection and tailored trusts to ensure your home is safe from nursing home fees. Take the first step today to learn how April King’s trust Wills can preserve your family’s future and shield your home from care fees.
Long-term care home costs can become a significant financial burden for families across England and Wales. If you or your spouse requires care in later life, your hard-earned assets – including your home- could be at risk of being sold to cover nursing home fees or care home charges. This is why care fee protection is essential.
The Community Care Act of 1990 ensures local authorities assess your assets before providing care funding. If your assets exceed £23,250, you will likely need to fund your care entirely out of pocket. For many families, this means losing the home they worked their whole lives to build, leaving little for loved ones to inherit.
At April King Legal, we understand the importance of protecting your family’s future. Our bespoke April Wills® provide a legitimate, effective way to protect your home from care fees, including nursing home care costs, without falling into legal traps or risking claims of “deliberate deprivation of assets.”
The Risks of Standard “Mirror Wills”
Relying on a basic Will is like gambling with your hard-earned assets
If you’ve made standard Mirror Wills, you may think you’ve taken the right steps to protect your estate. After all, Mirror Wills simply leave everything to your spouse or partner and then to your children after you’re both gone. However, this approach has a hidden risk: it leaves your entire estate exposed to care fees if the surviving spouse requires care.
Paul King TEP, Head of April King Legal, shares his personal experience:
“My grandfather left everything to my grandmother in a Mirror Will...
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This example highlights the importance of proactive planning. With an April Will®, you can take steps to protect your share of the property while still ensuring your spouse is cared for during their lifetime.
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Reality of Means Testing for Care Fees
What you need to know
Under the Community Care Act 1990, local authorities conduct a means test to assess your assets if you require care. This test includes your savings, investments, and property, often leaving families shocked when they realise their home could be sold to fund care home costs or nursing home care costs.
Key facts:
- Assets Over £23,250: If your assets exceed this amount, you’ll be responsible for funding your care in full.
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- Property Inclusion: Your home is included in the means test unless certain exceptions apply, such as if a dependent spouse or partner continues to live there.
- Deprivation of Assets: Local authorities can challenge property transfer to children or into a ‘Living Trust’ if it’s deemed a deliberate attempt to avoid nursing home fees or care home charges.
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Myths About Protecting Your Assets
There is a lot of misinformation surrounding care fee protection. Let’s debunk some common myths:
Myth 1: “Gifting My House to My Children Will Protect It”
Gifting your property may seem like a ‘quick fix’ or something a ‘Dave down the pub’ may have suggested, but it can have serious unintended consequences. Local authorities can investigate the transfer and reverse it if they believe it was done to avoid care home fees or nursing home fees.
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Myth 2: “The Seven-Year Rule Applies to Care Fees”
The seven-year rule only applies to inheritance tax, not care fees. Even if you gifted your home many years ago, it could still be included in a means test if the transfer is deemed a deliberate deprivation of assets. Local authorities will assess whether the transfer was an intentional attempt to avoid care home charges, leaving families with little recourse.
Myth 3: “Living Trusts Are a Safe Option”
Asset Protection Trusts, also marketed as Living Trusts, are often promoted as a way to avoid nursing home care costs, but they carry significant risks. Local authorities may disregard these trusts entirely and include the property in means testing for care home costs. Families who rely on such trusts could find themselves vulnerable to losing their property to cover nursing home fees.
As highlighted by Age UK in their article titled Asset-protection trusts ‘mis-sold’, tens of thousands of people have been mis-sold asset-protection trust schemes.
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This underscores the importance of seeking professional advice from trusted and qualified legal advisers before considering any such schemes.
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At April King, our lawyers will look at your individual family circumstances and explain which options would be most suitable for you.
April King Legal offers:
A free information pack about Wills and Lasting Powers of Attorney.
Smart ways to pass what you’ve worked so hard for down your bloodline.
A free one-hour appointment to discuss your Will, without obligation.
Fixed competitive fees, what we quote are the fees you pay.
Individual bespoke advice based on your personal circumstances and goals.
Firm run by a STEP-qualified lawyer and regulated lawyer-managed process.
Your free, no-obligation information pack explains:
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Why, if you have a spouse/partner, a “Mirror Will” could put your assets at risk. |
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How April Wills® protect your estate from ex-partners and predatory third parties. |
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Legally safeguarding your home to minimise future care cost fees. |
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How to nominate in advance someone you trust to manage your affairs if you become unable to do so. |
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