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Mounting care home fees could be impacting on wills, warns Only Law Site
(May 14, 2012)
High care home fees risk leaving the elderly with little or nothing to bequeath to loved ones in their wills, warns Only Law Site. Only Law Site warns that many wills could need reviewing as care residents assets continue to deplete. Paul Singh says: ?There is a danger that many elderly people are dipping into their life savings, selling their homes or other assets to pay care home fees. In many instances, they will have asked their solicitor to include those assets in their will to be left to family and loved ones. However, there could be nothing left once their care home fees are paid for. ?While plans are afoot to address the rising cost of care, the Law Society is very concerned that not enough people are updating their wills to not only accommodate these fees but also to take into account any knock on effects of the recession. Only Law Site is urging anyone with a will to review them regularly to take into account a change in circumstance. Paul Singh says: ?A regular review of a will with your solicitor can ensure that family, friends and any charities are still able to receive something. It is worth asking your solicitor to include a ?plan B in case your home has been sold and cannot be passed on, at least that way, if you are forced to sell up to pay for care or for any other reason, the intended recipients of your estate receive something else.
Many people underestimate the importance of having a will, however everyone should realize that by preparing a will they protect their loved ones and prevent any trouble that might appear when it comes to heritage.
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Source:Digital Media Online.
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