I’ve only met a handful of people who aren’t fussed if they will have to pay for their own later life care either by selling their home or through savings.  I have however, met countless people who don’t want to pay for care as they feel that they’ve worked all their lives and paid enough into the pot to be properly looked after if they ever need to be. Neither opinion is more valid than the other but sometimes it helps to know what the actual figures involved in deciding who will, and who won’t, have to pay before deciding which camp you fall into.  

The reality of who will and who won’t have to self- fund is currently quite straightforward.

Your capital

What you will have to pay

Over £23,250

You must pay full fees (known as being self-funding).

Between £14,250 and £23,250

You contribute from income included in the means test, such as pensions, plus an assumed, or ‘tariff’ income based on your capital between £14,250 and £23,250. The council pay the remaining cost of your care.

Less than £14,250

You no longer pay a ‘tariff’ income based on your capital, but you must continue paying from income included in the means test. The council pay the remaining cost of your care.

If the idea of your Estate being used to fund care leaves you feeling aggrieved then you’ll be pleased to know that by using a Life Interest Trust in your Will you can protect half of your property for your beneficiaries.

It works by leaving your half of your property to the second level beneficiaries rather than your partner but with a Life Interest in the property. This means that your partner can carry on unrestrictedly living in the property or sell it to downsize for example, essentially acting as though they own the entire property. The person with the Life Interest needs take precedence over the beneficiaries until they die, permanently leave the property or until otherwise stipulated within your Will. Nobody can force out the person with the Life Interest! Life Interest Trusts work very well and unlike other ‘Property Trusts’, they are not considered to be deliberate deprivation. It is also a very good safety net against your children failing to inherit due to second marriage and are therefore sometimes referred to as a ‘Bloodline Will’. They can also be used if you are the sole owner of your property but want your partner to be able to stay in the property but not inherit it after you’ve gone.   


To talk about these and other options that are available to you please contact me on 01903 821010 or emma.wells@nsure.co.uk.