The most popular action taken by couples is to ‘sever the tenancy’ and change ownership from Joint Tenants to Tenants in Common. The effect of this is to give an ownership share (typically 50%) to each partner. By then drafting Trust Wills, each person leaves a life interest in the property to their spouse, enabling the survivor to live in the home, or indeed another if they choose to move, before ultimately passing their share to the nominated beneficiaries (children etc).

If, in time, the survivor is assessed for residential care and they only own 50% of the property then this alone can be considered by the Local Authority. Thus £50,000 to £100,000+ worth of assets would be protected for the intended beneficiaries.

An important additional benefit of Trust Wills for couples of all ages is the protection it affords should the survivor re-marry. Simple Mirror Wills are ideal for many, however they allow the survivor to draw up a new Will and leave all acquired assets to whomever they wish.

Whilst it may be something you don’t really want to think about, especially if you are in good health, this is exactly the time when you really should consider taking action.