Life is unpredictable. You may think your estate is safe but unforeseen events pose a threat to it, and that’s particularly the case as you age.
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Healthcare advances have led to a rise in life expectancy. A recent report by the Scottish Government found we have an estimated one million residents over the age of 65 with that set to rise to 1.4m – 25% of the population – by 2040.
But, this longevity often comes with a burden of chronic health conditions, leaving a significant portion vulnerable to long-term care needs.
On top of that, 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.
Consequences of needing care
If you go into care, 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.
Tony Marchi, principal at ILAWS Scotland, added: “This is a big problem. If you look at the value of any person’s home, there probably isn’t much under £100,000. So, it’s likely to be liable for your care home costs.”
So, the need for measures to actively safeguard your estate has never been more pressing.
Fortunately, there are legal measures which do just that.
Protected Property Trust safeguards your home
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. It is NOT possible for them to sell while you are in the property. It simply allows you to remain in your own home and prevent it from being counted as ‘an asset’.
However, time is of the essence as PPTs and Transfers cannot be arranged after you’ve gone into care.
Contact ILAWS to safeguard your legacy
ILAWS offers a no-obligation, free consultation. If you decide it’s not for you, then it won’t cost you a penny.
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.
With ILAWS’ comprehensive services and commitment to affordability, the time to act is now. Contact ILAWS to safeguard your legacy today.
