Where there’s a Will there’s a way to protect your assets and your home

But a Will isn’t the only legal provision

OVER the years, your property is likely to be the one thing you’ve invested in more than anything else. It will represent a significant financial commitment, as well as the time and effort you will put into creating a home for your family.

Memories are made that will last a lifetime, regardless of how long you may spend in any one house, and in the majority of cases, owners will plan to pass the property onto loved ones in the form of an inheritance.

It’s a relatively simple premise and one that many families aspire to, but without specific provisions, it cannot be guaranteed, particularly if you or your spouse fi nd yourself needing to go into care. An increasingly common occurrence as life expectancies increase across the board, the cost of care generally averages around £ 50,000 per year. And if they are required to do so, local authorities in Scotland have the power to seize assets - including any property and savings - in order to cover these costs.

However, there are certain legal protections that can be put in place in order to prevent this from happening and ensure that your wishes are followed.

Tony Marchi is the principal of ILAWS, an independent legal and will-writing specialist, and he explained how ensuring you have a valid Will is vital - but is not always enough on its own. Setting out your wishes in black and white can help to guarantee your fi nances, property and possessions are dealt with in line with your express intentions, but other options offer further protections.

“A Will is a good start,” said Tony. “But you should look at the legal ways of protecting your home via trusts or titles - a route that thousands of our clients have now gone down.

“Lots of people put off writing a Will because they think it’s complicated, but we make it a simple and inexpensive process at £ 48.

“The coronavirus has shown us how uncertain life can be. Now is the perfect time to set out your wishes for the future.

“If you own a property, you should 100 per cent have a Will. Most people think that when you die, all your assets will automatically go to your next of kin, but that’s not the case.”

Regardless of marital status, it is not automatic that couples will inherit everything from each other, contrary to what most people generally expect. As a result, the unfortunate death of one partner - even if the couple have long been legally married - can cause serious issues for those left behind.

“Nowadays, there are many blended families, and a Will makes sure your estate goes to the people you want it to go to,” said Tony.

“But even if you’ve been with your spouse since high school and there are no children from previous marriages, if you don’t have a Will in place, it will take a lot of time, money and hassle to settle your estate.

“Should you end your days in care, the

Government will attack all your assets, including your home.

“With proper planning, this need not be the case as there are ways to protect the family home for the next generation. The solution is to ensure that the home is not personally owned on entry into care. The local authority’s fi nancial assessment can then legitimately be completed on the basis that the home is not a capital resource of the resident.

“Th is can be done through transferring the title of your home, or through lifetime trusts, also known as property protection trusts or asset protection trusts.”

As well as Wills and trusts, ILAWS are also specialists when it comes to Power of Attorney - the legal provision that grants authority to someone you trust to make decisions on your behalf should you ever fi nd yourself incapacitated. These decisions typically relate to your medical care and assets.

“We should all have a Power of Attorney in place as we have no idea what the future holds,” said Tony. “Who could have predicted this pandemic, for example?

“It doesn’t mean you are giving power away or not having control over your own life - Power of Attorney can only be exercised with your permission, or if you are unable to act for yourself.

“If you and your family are faced with a medical emergency, having a Power of Attorney can be a lifesaving document. If you’re in hospital, no one can make decisions for you if you can’t make them for yourself unless you have a Power of Attorney. And sometimes doctors won’t administer treatment or medication or carry out an operation if there’s any risk to you, even if your spouse or children wish them to do so. There’s a common misperception that ‘next of kin’ has the same official standing, but this is not the case.”

If you own a property, you should 100 per cent have a Will. Most people think that when you die, all your assets will go to your next of kin, but that’s not the case

Power of Attorney can easily be set up over the phone, online or by booking an appointment in an ILAWS office once restrictions are lifted. Bookings can be made now on Freefone 0800 049 9688.