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Power Of Attorney Part 2
Thank you for your replies I will try and make the question clearer.
I have an up to date will which gives my entire estate upon my death to my wife.
I have taken an equity release solely in my name prior to marriage.
My wife is and can not now be put on the deeds because of the terms of the contract with the equity company.
If I go into long term care and I am out of the house for more than 6 months my wife will have to sell the house to meet the conditions.
My solicitor is my sole executer.
So what advise would you give me?
My wife is worried that she will have to move out immediately so that the money from the sale of the house will finance the nursing costs.
Thank you.
If you want any more clarification please ask.
I have an up to date will which gives my entire estate upon my death to my wife.
I have taken an equity release solely in my name prior to marriage.
My wife is and can not now be put on the deeds because of the terms of the contract with the equity company.
If I go into long term care and I am out of the house for more than 6 months my wife will have to sell the house to meet the conditions.
My solicitor is my sole executer.
So what advise would you give me?
My wife is worried that she will have to move out immediately so that the money from the sale of the house will finance the nursing costs.
Thank you.
If you want any more clarification please ask.
Answers
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If your spouse, partner or civil partner is still living in your house when you move into a care home, the local authority can't count the value of the house as part of your assets when determining if you should contribute to your care costs:
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If you are saying that there is a condition attaching to the equity release contract that forces sale of the property if you move out of it for more than six months, then that's it isn't it? Unless you can agree a variation. It's so that the equity company can close on its contract.
I ask the question, what happens with an equity release contract taken out by a married couple? Presumably the clause about sale of the house comes into play when BOTH parties have moved out ( care home, whatever). You appear to need a contract variation to allow this, given your change in marital status.
This question doesn't seem to me to be linked to the financing of care home fees as Buenchico assumes. It isn't the local authority that would force sale.
This is a specialist area and you may unfortunately need specialist ( paid for) advice. That's the trouble with equity release contracts, it's a specialist area.
I ask the question, what happens with an equity release contract taken out by a married couple? Presumably the clause about sale of the house comes into play when BOTH parties have moved out ( care home, whatever). You appear to need a contract variation to allow this, given your change in marital status.
This question doesn't seem to me to be linked to the financing of care home fees as Buenchico assumes. It isn't the local authority that would force sale.
This is a specialist area and you may unfortunately need specialist ( paid for) advice. That's the trouble with equity release contracts, it's a specialist area.
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