Navigating Care Fee Costs in the Northwest: The Role of Will Trusts and Wills Solicitors in Lytham
Posted on 21st November 2023
As the population ages, care fees have become a critical concern for many in the Northwest. The average cost of residential care in this region can be substantial, often running into the tens of thousands per year. Our Wills Solicitors in Lytham are all too aware of some clients’ relatives spending in excess of £4,000 per month on care fees- when you think that the average person doesn’t earn this monthly, that’s a lot.
It's a common worry that hard-earned assets and family homes may be consumed by these fees, leaving little to pass on to your loved ones. However, there's a strategic way to address this concern: through careful Will planning and the inclusion of a will trust, guided by expert Wills solicitors in Lytham.
Understanding the Average Care Fee Costs
In the Northwest, the average care fee costs can vary widely based on the type of care required and the specific location. These costs can significantly deplete an individual's savings and assets. It’s crucial to plan for these potential expenses as early as possible.
The Protective Power of a Will Trust
A Will trust can be a powerful tool in protecting your estate from being entirely used for care fee costs. When structured correctly, it can ensure that certain assets are safeguarded for your beneficiaries while still providing for any necessary care expenses. This is where the role of Wills Solicitors in Lytham becomes indispensable.
Seeking Expertise from Wills Solicitors in Lytham
Wills Solicitors in Lytham specialise in estate planning and can provide invaluable advice on how to best structure a Will and any trusts to protect your assets from care fees. They can help you understand the implications of your decisions and ensure that the trust aligns with your overall estate planning goals.
How a Will Trust Works
A Will trust, set up correctly within your Will by a qualified solicitor, comes into effect upon your death. It can ring-fence assets like your home, so they are not assessed for residential care costs, while still providing for your surviving spouse or partner. It’s a balance of meeting immediate family needs and preserving assets for future generations.
Regular Reviews and Adjustments
It's important to note that legislation and individual circumstances change over time. Regular reviews of your Will and any trusts with a Wills Solicitor in Lytham can ensure that your estate plan remains appropriate and effective.
There is a real concern for people who have worked all their life that they may lose all their money to pay for their partner’s care fees. Our Wills Solicitors in Lytham can help by preparing Wills, leaving your respective share of the property to your loved ones, but making provision for your partner or spouse. Contact us today, below, or call 01253 202452.
Share this post: