Have you been worrying about writing a will so that loved ones may secure their inheritance without any hassle? Your years of hard work can pay rich dividends for your family only if they can get hold of what is deservingly theirs. Given this, it is very important to get in touch with a will writing company at the earliest. They will talk to you and assess the circumstances of your family before suggesting the way forward. With their help and timely guidance, you will find it easy to get the best products to protect the interest of all those under your care.
You can also expect the best possible help if you’re planning to appoint a reliable entity to take care of your health, welfare, financial issues, estate, property, and business. Here, we help you figure out the need for will writing, an act that’s best left in the hands of professionals.
Care Fees and Wealth Protection
The payments for care homes are subjected to the testing of means and circumstances. However, very few people are aware that their home may not fall into the purview if it’s occupied by the surviving spouse. So, what happens if a partner has to go to care? This means that the wife or husband no longer resides in the estate or property belonging to the owner. For instance, they may also fall sick, die, or go into care. What happens in such a situation? In such a case, the property held by both partners in the capacity of ‘joint tenants’ would automatically pass to the surviving member in the marriage. Any other clause written in the will would stand overruled.
Different problems may come to the fore when the entire wealth of the couple rests in the hand of the surviving partner residing in the care home. The value of the property in question will be considered in the means test. As per experts in will writing from Will Power Estate Protection, the real problem would surface if the property value crosses the threshold value prescribed by the means test. The surviving member becomes responsible for paying the entire care fees in such a situation. Will writing and estate protection companies come to the rescue in such a situation and can handle the care fees and other issues convincingly.
Manage the Situation
Adequate planning and foresight can decrease the probability of such a situation arising in the future. For example, professionals in will writing and estate protection can sever the property ownership from the category of a joint tenancy to that of ‘tenants in common’. They suggest and help make specific changes so that the surviving partner in a marriage can get the rightful property share without having to run from pillar to post. If you are worried about asset protection along with the writing of your will then it would help to reach out to all related services under a single roof.
Protect Your Assets
Hire specialists in care fees and wealth protection cum estate planners to create a deed of trust, transfer your property, generate an equity release or discretionary trusts, etc. It’s important to protect the interests of your family, start the process today.