Dementia Tax

Securing Your Family's Future: An Ormskirk Will Writing Success Story

At Hexagon LPS, we take pride in helping families in our community protect their assets and ensure their wishes are honoured. Recently, we had the pleasure of assisting a local couple, Ray and Joyce, with their estate planning needs. Their story highlights the importance of professional will writing services and how they can make a significant difference in securing your family's future.

Meet Ray and Joyce

Ray and Joyce, a retired couple in their seventies from Ormskirk, came to us with concerns about their estate. They had three adult children and owned a home valued at approximately £150,000. Like many in their situation, they were worried about potential care costs in their later years and how this might affect their ability to leave an inheritance for their children.

Their Initial Concerns

The couple had heard discussions about the "dementia tax" and were anxious about the possibility of their home's value being used to pay for care, potentially leaving nothing for their children. They had even considered transferring ownership of their house to their children, based on advice from a friend.

Our Tailored Solution

After carefully assessing Ray and Joyce's situation, we advised against transferring ownership of their home. Instead, we proposed a more secure and legally sound approach:

• Severing their joint ownership: We recommended that Ray and Joyce become owners of their house as Tenants in Common.  This meant they would be 50/50 owners of their property rather than joint owners.
• Carefully Structured Wills: We drafted new Wills that included provisions to protect at least half the value of their house from issues in the life of the surviving partner that could use up the estate value.
• Right of Occupation: Each will included a right of occupation for the surviving spouse, ensuring neither could be forced out of the home.

The Outcome

By implementing this strategy, Ray and Joyce achieved several important goals:

• Protected half the value of their home from potential care costs
• Ensured the surviving spouse could continue living in the home
• Secured a significant inheritance for their children
• Gained peace of mind about their estate's future

Additional Protections

To further safeguard their interests, we also helped Ray and Joyce set up Lasting Powers of Attorney for both Property & Financial Affairs and Health & Welfare. These documents ensure their children can make decisions on their behalf if they become unable to do so themselves.

The Impact

This comprehensive estate plan not only addressed Ray and Joyce's immediate concerns but also provided long-term security for their family. By investing in professional will writing services, they potentially added £thousands to their children's inheritance – a remarkable return on their investment.

At Hexagon LPS, we're committed to providing similar tailored solutions for families in our local area or Ormskirk, Southport, Burscough and surrounding areas. Whether your concerns are about care costs, inheritance, or ensuring your wishes are respected, our expert team is here to help you navigate the complexities of estate planning.

Don't leave your family's future to chance. Contact Hexagon LPS today to discuss how we can help secure your legacy and protect your loved ones.