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I have a nil rate band trust will, our deeds have been changed to tenants in common. How will this effect care home fee?

09 May 2022

Question by Barry

I have a nil rate band trust will, our deeds have been changed to tenats in common. How will this effect care home fee?

Answered by Daniel Barrett

Hi Barry

By moving to tenants in common, when the first spouse dies, the deceased’s share of the property can be left to anyone (or a trust as in your case) as opposed to automatically passing to the surviving spouse. If the surviving spouse needs care in future, then only their share of the property can be used for the purpose of assessing care fees.

Best wishes,
Daniel

Answered by

Daniel Barrett

Financial Planner

I’m a Financial Planner specialising in investments, pensions & retirement planning, and inheritance tax planning. I love working with clients to answer all their important financial questions.