Update your Will
The Law Society has warned that thousands of Wills could need updating as a result of rising care and nursing fees which force the elderly to sell their assets, in many instances their homes, to pay for care. The home is generally the largest asset left to loved ones.
Andrew Holroyd, Law Society President, said:
‘Many people get their solicitor to include their home in their Will but with more people selling up to release capital for care fees, many Wills will be outdated. There will not be a home to leave to loved ones.’
Research conducted for the Law Society in October 2007 revealed that 57% of people did not know if they had an up-to-date Will or not.
According to government estimates the average care home fees are £450 a week. For many the level of their pensions will not cover the fees and people in need of care have to make up the shortfall.
For guidance to ensure that your Will is tax efficient please do get in touch.