Mr D is 72. His wife died suddenly six months ago and it's made him think about his own mortality. He wonders about the opposite of what happened to his wife – what if he needs long term care, like some of his older friends have?
Unfortunately, it is too late for Mr D to make a protective property trust will. We would have advised Mr & Mrs D to consider making property protective trust wills before Mrs D died. In these circumstances, Mrs D’s share of their home would have passed into a protective property trust for the benefit of their children.
If Mr D then went into care this half share of the property would be fully protected for the children. Mr D does have the option of giving away his asset(s), but this does have consequences, under the deprivation of assets rules. A council can, for example, still take a gifted asset into account in assessing a person’s eligibility for care funding.