Don’t let the cost of care homes in Scotland put your estate at risk

Unfortunately, summer may now be behind us, but perhaps the upside is you’ll have a little more time for the things you’ve been putting off.

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You can turn your attention to your own affairs and think longer term about your family and protecting their future, too. That’s where estate planning firm ILAWS Scotland can help.

We spoke to Tony Marchi, the firm’s principal, who told us the importance of making time now to ensure your affairs are in order for a more secure future.

Current statistics show that one in four people will go into care. But that doesn’t mean that only one in four of us is at risk of losing our house to care home fees, as Tony explains.

He told us: “For example, you’re a couple and you meet friends who are another couple for dinner. There are four of you sat at the table in the restaurant. Statistically, one of you will go into care. So that means one of these two families will be affected by care home fees.

“If it’s you or your spouse, then you risk losing your house. And you can’t just lose half your house, it’s the whole house that can be lost.

“So, of the four people sat the table, two of them are at threat of losing their home. Unfortunately, that is the reality according to the statistics.”

Why it’s vital to act now

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Taking the right steps now can help with protecting your assets from care home fees. ILAWS can advise on the best way for you to do this dependent on your personal circumstances. They can advise on Protected Property Trusts (PPT) or Transfers, that can not only help secure the home you’ve likely worked hard your whole life for, but also protect your biggest asset allowing it to be passed on.

But when it comes to protecting your property from the cost of care home fees in Scotland, timing is key, and Tony has a clear message. He said: “You cannot wait until you’re about to go into a care home to try and protect your property.

“Every week we get phone calls from clients who say ‘we’ve seen your articles for years and we’ve been meaning to get round to it, now my husband has to go into care, so we need to get something done’.

“At that point it’s too late for us to act. You can’t wait until you know you need it.”

Acting now rather than waiting is advice that also applies to other important legal documents, Power of Attorney (POA) and your Will, both of which ILAWS Scotland can advise on and arrange for you.

Other steps to protect you and loved ones

Will

A Will states, by law, exactly what is to happen to your assets when you die. It ensures that your

wishes are followed, whether you want to pass your assets on to a spouse, family member or other loved one. Every adult is advised to have a Will in place. As well as giving you peace of mind, it will also save your family and loved ones the stress of trying to determine or fight for what you would have wanted when you are no longer here.

Power of Attorney

A POA allows someone to make legal and financial decisions on your behalf, should you become incapacitated and unable to do so. You can grant POA to more than one person and, effectively, they will have the legal power to act as if they are you in certain circumstances. However, they can only act with your permission or if you are unable to act for yourself, through illness, accident or incapacity

Book a free consultation

So, why not take the first steps in securing your future with a no-obligation, free consultation with ILAWS Scotland? The firm’s representatives can even arrange a home visit to organise the likes of POA, so that you can deal with this important task in the comfort of your own home, at a time that suits you. If you decide it’s not for you, then it won’t cost you a penny.

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 £900[AW1]  elsewhere. Wills can be arranged for just £50 plus VAT = £60.

Give yourself – and your loved ones – peace of mind that you’re fully prepared for the future, whatever happens. Get in touch with ILAWS Scotland to discuss your situation and the legal steps you can take to protect your wishes and assets.