Research carried out for the Royal London Insurance Company found that bills for a typical stay in a care home were likely to be between £50000 and £93000.and that the total would mean a loss of between a fifth and a half of the value of an average house. It found that on average someone who goes into a care home lives there for two and a half years paying bills of between £554 a week in the North East to more than £700 per week in the South East.
In the East Midlands where the average house price is £176790 and the weekly care bill is £557 totalling £72406 (for 2.5 years)the percentage share of the house price is 41%. The research shows that one in ten residents stay for 6.5 years and if so the whole value of the house would disappear.
Planning well in advance to protect your assets is vital and the use of Property Protection Trust Wills is essential for your dependents to enjoy an inheritance.
