We visited Mr & Mrs G who were in their 70s to discuss their Wills. Mr G had had a stroke and his wife cared for him at home. Mrs G had also been diagnosed with a terminal illness and they were concerned about what might happen to their home in the event of Mrs G's death. We advised them to make Wills leaving their half of their assets, including their half of the family home, on a life interest trust for the other person. When Mrs G passed away and Mr G moved into a care home, he was required to contribute towards his care fees. However, because Mrs G's assets were held on trust under the terms of her Will, these were not used towards the cost of Mr G's care and will instead pass to their children after Mr G's death.
Mr P came to see us to get his affairs in order. One of his concerns was how he would pay for any care needs in the future. We put him in touch with an Independent Financial Adviser who discussed the position with him and advised him to purchase an annuity product. This will provide Mr P with a monthly income which can be used towards his care fees in the future and help to prevent his capital being used towards the cost of his care.