Investment firm LV reveals in a report today that around 2 million people over the age of 50 say they will rely on their property, not a pension, to provide for their retirement. With poor returns on pension savings the LV study found that nearly a third of the over 50’s will use equity release or downsizing to fund retirement. The Workplace Retirement Income Commission has also warned up to 14 million workers will retire with pensions far smaller than those enjoyed by their parents.
If this is the case then woe betide those who need to be taken into care with their only asset being their property. Care home fees will often mean the house has to be sold and if so where will the pension come from then? It is vital that steps are taken well before then to protect this main asset. A Property Protection Trust Will provides the survivor of married couples with the secure knowledge that the property will not be sold whilst they are alive but taken into care. Similarly a Lifetime Property Protection Trust gives the same security to single persons owning their own home. Note however these Provisions must be in force well before entering into care. Apply now for your free consultation on these vital matters.