Imagine your spouse developing Alzeimers and having to be taken into care as a result.
Also picture that you have made mirror Wills leaving everything to each other in the first instance and that you own your home jointly.
A scenario could develop where you die first and all your assets then pass to your spouse who is in care and unable to manage them. Your home is then at risk of sale to meet the care fees. This could leave your loved ones with little or no inheritance unless some action is taken quickly.
Firstly as soon as your spouse is taken into care review the property ownership. Make sure it becomes owned as ‘Tenants in Common’ so that you do own one half each.
Secondly review your own Will and ensure your half of the property is left in Trust to your loved ones. This ensures the property cannot be sold to pay care fees whilst your spouse remains alive. After death of the spouse your loved ones will be guaranteed to receive fifty percent of the property value.
Failure to take this action could result in your loved ones receiving nothing at all from the estates of you and your spouse.