Find Out More

  • Accreditations
  • Join our Team
  • Terms of Business
  • Pricing Information
  • Client Feedback
    • Leave a Review
  • Complaints
  • Regulatory Information
  • Skip to primary navigation
  • Skip to main content
  • Skip to footer
  • Skip to footer navigation
  • Skip to secondary navigation

Harold Stock & Co. Solicitors

Rooted in the community

  • Mossley:
    01457 835597
  • Failsworth:
    0161 682 2400
  • Stockport:
    0161 456 5012
  • Get In Touch
  • Home
  • About
    • Our Team
    • CSR
  • Legal Services
    • Personal Injury
    • Medical Negligence
    • Serious Injury
    • Commercial and Company
    • Family Law
    • Property
    • Wills, Probate And The Elderly
  • Blog
  • Contact
  • More

How do I protect my home in my Will? What can I do about care home fees?

13th April 2021 by Harold Stock & Co

There are various ways in which you can own your home. These are:

  1. Solely
  2. Jointly – as joint tenants
  3. Jointly – as tenants in common

If you own your property as joint tenants, this means that upon your death, your share in the property will automatically pass to the surviving joint owner.  The property is owned as a whole, by the joint owners and this happens regardless of the contents of your Will, if you have one. This is also known as “survivorship”.

If you own your property as tenants in common, rather than owning it as a whole, you each own a share (this may be an equal or unequal share) in the property.  Whatever your share in the property, at the date of your death, you should pass that share via your Will to someone other than the person you own the property with.  This is a very popular way to deal with your property in your Will, should you have a blended family i.e. children from previous relationships. 

Another reason why owning your property as tenants in common is useful, is if you are looking to protect your share in your home in the event that the survivor of you needs to go into care.  Once the first person passes away, their share can be held in trust for their child(ren)/other beneficiaries, meaning that the share is completely protected by the trust.  Only the share of the surviving owner, who is then in care, can be used towards payment of that care.  If you own the property jointly as joint tenants and as the survivor you go into care, there is a strong possibility that the full value of the property will be used towards your care fees, meaning that your chosen beneficiaries may not receive anything, upon your death.

Our team come across a lot of couples who are unhappy at the thought of working all of their lives, for their property then to be eaten up by care home fees, when they would rather it be passed down to their children/beneficiaries. Therefore, if they are joint tenancy property owners and want to separate their property into shares, we can advise on this and arrange for this to happen for our clients when drafting their Wills.

When leaving your share in your home to someone other than the joint owner, we also include a clause called a ‘Life Interest Trust’ in your Will.  This enables the surviving joint owner to remain in the property for the rest of their days, completely secure.  Again, this is popular with families with stepchildren, who maybe do not get along with their step parent and this enables the step parent to remain in the property without the worry that the property could be sold from under them.

If you are concerned about the above or require help making or amending your current Will, please contact our specialised team, Kelly or Kirsty on 0330 400 4040 or on info@haroldstock.com and they will be more than happy to explain how this may benefit you and your loved ones.

Filed Under: Blog, Clients, Wills and probate Tagged With: Care Fees, how to own a property, Protect my home

Harold Stock & Co

Related

Why disclosing your assets before the divorce is the wise approach
19th May 2021
Categories: Blog, Family
writing a will
Wills – what to think about before an appointment
5th February 2021
Categories: Wills and probate
writing a will
Can I make a Will during lockdown?
18th January 2021
Categories: News, Wills and probate

Footer

  • Accreditations
  • Join our Team
  • Terms of Business
  • Pricing Information
  • Client Feedback
    • Leave a Review
  • Complaints
  • Regulatory Information
  • Acceptable Use
  • Complaints
  • Email Disclaimer
  • Privacy Policy/Cookies
  • Regulatory Information
  • Terms of Website Use
harold stock solicitors

Mossley (Head Office)

55-57 Stamford Street
Mossley
Tameside OL5 0LN

Tel: 01457 835597
Fax: 0330 024 9210

harold stock solicitors

Failsworth

Ivy Business Centre
Crown Street
Failsworth M35 9PB

Tel: 0161 682 2400
Fax: 0330 024 9210

harold stock solicitors

Stockport

Pepper House
1 Pepper Road
Stockport SK7 5DP

Tel: 0161 456 5012
Fax: 0330 024 9210

Email: info@haroldstock.com

Harold Stock & Co Solicitors is a trading name of Harold Stock & Co Limited, a Limited Company registered in England and Wales. Company No: 07201476. Registered Office: 55-57 Stamford Street, Mossley, Tameside, OL5 0LN. Authorised and regulated by the Solicitors Regulation Authority (535629). VAT No: 991 015 916 A full list of Directors is available at the Company’s Registered Office.

  • Acceptable Use
  • Complaints
  • Email Disclaimer
  • Privacy Policy/Cookies
  • Regulatory Information
  • Terms of Website Use

Company Registered in England and Wales. No. 07201476
Copyright © 2023
Log in
Instilled Ltd

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT