The cost of care in the UK is one of the biggest financial concerns for families. Understanding these costs and planning ahead can make a significant difference to your estate.
How Much Does Care Cost?
The average cost of a care home in the UK is approximately £35,000 per year for a residential home, and over £50,000 for a nursing home. These costs vary significantly by region and can be much higher in London and the South East.
Who Pays for Care?
If you have assets worth more than £23,250 (including your home in many cases), you will be expected to fund your own care. This means care home fees can quickly erode the estate you planned to leave to your family.
How to Protect Your Assets
There are legitimate ways to protect your assets from care home fees, including setting up trusts in your will. A Protective Property Trust or Life Interest Trust can help ensure your property is protected for your beneficiaries.
It's important to plan ahead—setting up these protections after you need care may be considered deprivation of assets.
Speak to Sovereign Planning about protecting your assets with a will trust.
