This is really helpful. We bought our house in Jan this year and the solicitor recommended joint tennants. She was aware of my husband health. I did wonder why. I feel reassured knowing my home is safe.
Beware a joint account
- Thread starter john1939
- Start date
As my partner is somewhat older than myself this was something we had fortunately thought about. We have a joint bank account but basically as he has a steady income with his pensions he pays into it and we just keep it going for basic needs like our grocery shopping. Our bills are in joint names he pays some I pay others from our own accounts. The house is tenants in common and division is unequal as I contributed a much larger amount. As has been said we were able to set up wills leaving things to whomever we wanted to regards the property. When I read stories of how upsetting and frustrating things work regards joint bank accounts I'm glad we did think about it and went the route we did.
My partner is about to go into full time care. We always had separate accounts and one joint one which we paid into for bills etc A few months ago I closed this account so all accounts are now separate. Two years ago when the POA was activated the solicitor advised changing the way the house was owned so that we each had a half . We also changed our wills. That means that if I were to die first my half does not go to my partner as it would only be taken in care costs but is willed to whoever I have chosen. We are in Scotland.
We had a similar arrangement made when renewing our wills. As tenants in common we each willed our half to the other as a life interest and thereafter to our three daughters. This means the house has remained mine after John died but if I married again my daughters would still receive half the value of the house as their Dad wished.
A friend whose elderly mother moved to a retirement complex and at 84 is being wooed by a man in his mid seventies is concerned that her house and assets will be lost to the family if she marries again. Had his parents made the kind of wills we did half at least would have been protected.
Just an other story about care costs. Over the holidays I received a phone call from a second cousin that I hadn't spoken to in 30 years. Her husband had been diagnosed with Alzheimers about 10 years ago.
He was so violent that no care home would accept him so he was sectioned and placed in a mental hospital.
Alzheimers finally caused his passing last year. Total cost of care , zero. This was because he was cared for in a NHS hospital rather than a care home.
He was so violent that no care home would accept him so he was sectioned and placed in a mental hospital.
Alzheimers finally caused his passing last year. Total cost of care , zero. This was because he was cared for in a NHS hospital rather than a care home.
Its the sectioning that means that he didnt pay for his care, rather than where. Anyone who is sectioned under a section 3 (not a section 2) - almost invariably due to extreme violence - will have their fees paid, even if they move to a dementia care/nursing home.
For information - the funding that comes on the back of a section 3 (called Section 117 funding) is in the region of £730 per week. Some EMI Nursing homes charge more than that , however in this situation First Party top ups are allowed - that is the PWD can pay top ups from their own funds.
Are you sure this is correct? I thought it was based on all of a couple's assets divided by 2, but only because that's what I've read before on similar forums or £46k assets as a couple? I recall when I got divorced many years ago my solicitor telling me that , even though I'd owned the house we lived in before we married and had savings , in the eyes of the law when you marry you " gift" half of your assets to your spouse?
That's why , despite me being a single mother working part time with nursery fees to pay, I ended up having to give him £15,000.
Absolutely certain
OH had a financial assessment and this was how it it was done.
thank you. Its a bit of a guessing game trying to decide who's going to need care first, but then you need to think about how the person who's left in the marital home is going to manage too, not just about fees for care. I suppose it's perhaps more of an issue for the folks who are above the £23k assets threshold, but don't have a private pension or income.
What's the situation if someone's guaranteed monthly income (ie from State pension and half of an occupational pension) is sufficient to pay the care charges? Do they still insist that savings can't be touched by their spouse if they have a much lower income to live off ?
If the savings are solely in the name of the person receiving care, then yes, they do. Savings can still go towards things like house maintenance, but not day to day bills of the spouse. If savings are in joint names then, as has already been discussed, it is better to separate them out
Its a joint savings account, ie it has both of their names on it ( ironically they did that so that one of them died the other would have access to the account straight away) but the money in it has predominantly come from the one who is most likely to need residential care first
I am still waiting for a financial assessment to determine how much of my OH’s private pension will be left to me. Apparently the council team are about 3 months behind, and if the home send me an invoice, I will send it straight to the council. Our joint savings are under £4k so I’m not even going to bother trying to hide that. It’s just a horrible situation all round. Having to pull on my big girl pants.
When you put savings into joint names they become owned 50/50. If you don't want to share the funds equally don't do that. Where the dosh came from doesn't make any difference.
This is exactly why apart from some other reasons my partner and I have our own separate accounts and just keep a small joint account. My partner is also almost 17 years older and I suppose the presumption is he would potentially need additional care before me especially as he has Parkinson's.
Its often not as straightforward to try and work out what's best to do. Until 2 years ago I had no idea who might need care first. Dad's 3 years older, but until then he had fewer medical issues that affected his daily living activities than mum. Then he broke his hip and diagnosed in Feb with dementia. Mum also going through memory assessments at the moment If you don't have savings in the right place at the right time you're scuppered.
