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Addition of name on property deeds

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  • Addition of name on property deeds

    I'm seeking a way to avoid potentially having to sell my house which is in joint names with my wife.
    We are both way past retirement age and I'm hearing so many people say that they have had to sell their property to pay for nursing home care.
    I'm concerned about one of us getting dementia then having to be admitted to a home thus triggering a property sale to pay for it.
    Our intention is for the house to be left for our son on our eventual demise so would simply adding his name to the proprtty title prevent a forced sale.
    We could alternatively just transfer the whole property right now but of course that is potentially troublesome if, for instance my son dies before we do, or is divorced (not that it's impending or anything --- but who knows what the future holds).
    Would such an addition to property title prevent a forced sale to pay for nusring home care?
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  • #2
    I believe that if one person is still in the property then the home will be disregarded

    Comment


    • #3
      Most ways of moving assets out of the way to avoid care home fees are doomed to failure as they are regarded as intentional deprivation, so even if you give the house to your son, he could be pursued for the costs.

      As ostell l the home will be disregarded if one of you is still living in it.

      One way of protecting a portion of the property is to change the way you and your wife are owning it to tenants in common, and then changing your wills so you leave your shares to your son or a trust.
      In that way if one of you passes away their share goes to your son/the trust and so if the survivor needs care only 50% of the value of the property is assessed.

      Really you should seek professional independent advice

      Comment

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