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Ring Fence Your Estate Or Lose Tens of Thousands of Pounds, Warns Kent Lawyer

23 April 2009

One theme runs very clearly through the Chancellor’s Budget. The country’s coffers are empty and it has a huge debt that will take years to clear, says Kent lawyer Harvey Barrett.

Harvey, partner and head of the private client, trusts and estates team at leading regional law firm Furley Page, comments: “Mr Darling gave little detail but only hinted at Government cutbacks but when they come they will impact on the funding of long-term care.

“Local authorities are likely to be much more aggressive in exercising their existing powers to force individuals to sell their properties in order to finance their long-term care.”

Two things are certain, he adds. First, Government revenue is under extreme pressure and likely to remain so for the next couple of decades. Secondly, if someone has the means to pay for their own care costs they will be expected to do so – even if the only asset they possess is their property.

“The message is clear.  To preserve your estate for the benefit of your children you must take immediate steps to ring-fence your estate.”

There are two options – and both can save you tens of thousands of pounds. One is for a married couple to change the way in which they own their property so they become tenants in common rather than joint tenants. They would need to amend their Wills so that instead of leaving their property to the survivor outright they leave it to the survivor to enjoy during his (or her) lifetime with the proviso that it passes to the children after his death. This ensures that a half share of the property goes to the children even if the survivor has to go into a care home, exhausting all his assets in its funding.

The second option – and advisable if you’re anticipating an inheritance – is to ask your parent to change their Will so that instead of leaving a substantial sum outright to you they leave it to a family trust for you and your family.

For further information on ways to protect your estate contact Harvey Barrett on 01227 763939.

 

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