How care fees are paid is decided using a number of financial thresholds which, given the rising nature of the housing market, can mean homeowners may have to pay for their own care. This could then mean there is little inheritance left for loved ones after you pass away.
The average cost of care could be £1,500 or more per week.
Your local authority will undertake a Care Needs Assessment to find out if the person who is in need of care is entitled to state funding. Depending on the outcome of this assessment, the local authority or the NHS may pay some or all of the care fees. In other instances, the funding must come from the assets of the individual.
Currently, the thresholds for care funding are as follows:
If you own property, this may be included in the financial assessment but not if a spouse or relative still lives in that property and also not if you are organising care at home rather than going into a care home permanently.
Your property will be exempt from the assessment if any of the following are still living in the property after you have moved into care:
If you own property and want to safeguard it for the Beneficiaries in your Will, it can be beneficial to use a Trust Will.