If you have joint home and bank details what happens if husband starts showing signs

[boomerang]

Well where do I start May 2012 my Mom was diagnosed with alzheimers and is now one year later in a nursing home her money and sale of house is now paying for it and will last for 5 more years ONE year down the line May Bank Holiday 2013 my husband had serious heart attack and now home but he has signs of early dementia What happens to me we share the home in both names and banks am I going to in the worse senario have to loose half of my home if he had to go into a home I am so worried just cannot believe my life anymore just as I thought I had sorted Mom I am now worried about husband I have asked our solitor to come to our home re Lasting Power attorney is this correct what I should do now before he is definately confirmed to having dementia In hospital they said he had with the brain scan normal signs of ageing we all have this from 40 years on?? sorry for going on I feel like a washing machine inside thats all I can describe how I feel any advice on best way to protect our finances would be appreciated we both worked hard for this not just him and I still do work he is retired and I need peace of mind as this is now worrying me and dont think I want to have this worry with everything else going on

 

[Saffie]

I am surprised that nobody has come to reply to this before now but I will try to help as best I can.
First of all, if you are over 60, you will not lose your house. If the worst comes to the worst - and it really needn't happen - the house will be disregarded by the LA when assessing your husband's financial assests. Secondly, only accounts in your husband's name will be taken into consideration and the joint account will be divided into 2.

It is not difficult to arrange your own LPA and much cheaper than using a solicitor to do this but this, of course, is entirely up to you. It would be a good thing to do anyway. I intend to arrange one for myself even though as yet, I am in no way suffering from any sign of dementia. The LPA forms can be found on the internet. Just google LPA and the Justice websire will show up as below.
http://www.justice.gov.uk/downloads/forms/opg/lpa-111.pdf

 

[boomerang]

I am surprised that nobody has come to reply to this before now but I will try to help as best I can.
First of all, if you are over 60, you will not lose your house. If the worst comes to the worst - and it really needn't happen - the house will be disregarded by the LA when assessing your husband's financial assests. Secondly, only accounts in your husband's name will be taken into consideration and the joint account will be divided into 2.

It is not difficult to arrange your own LPA and much cheaper than using a solicitor to do this but this, of course, is entirely up to you. It would be a good thing to do anyway. I intend to arrange one for myself even though as yet, I am in no way suffering from any sign of dementia. The LPA forms can be found on the internet. Just google LPA and the Justice websire will show up as below.
http://www.justice.gov.uk/downloads/forms/opg/lpa-111.pdf

Thank you for your information I am under 60 years and my husband is over 70 years thats why I am concerned think it is best like you say to get this living power of attorney done but everything is in joint names even though over the years I had a bisunessm sold it and put into that joint account wish now deep down I had not just to have move security terrible thing to have to think like this thank you for helping me

 

[Saffie]

Hello again, I still don't think you will lose your house as you will be the carer for your husband and I'm pretty certain that if a spouse is residing in the home, it is disregarded. I'll try to find the relevant link.
I hope that this thread will now go to the top and someone will come on with more expertise in this area.

Look at the following information. There are other factsheets which might help you on the AS website too.
Just select the option from the top of the present screen.

http://www.alzheimers.org.uk/site/scripts/download_info.php?fileID=1827

 

[FifiMo]

Boomerang,

Let me reassure you that as you are husband and wife, the house will be disregarded from any financial assessment. Age is irrelevant in your circumstances.

Fiona

 

[FifiMo]

LPA is what you should be going for. Please make sure you get both of them..

1. Covering assets and financial matters and,

2. Covering health and welfare.

Another thing to discuss with your solicitor, especially if you have family, is to consider changing the house from joint ownership to Tennants in Common. By doing this and in the unfortunate even that you should die before your husband, you can will your half of the house to your family, independently of your husband's half of the property. So although the LA might try to put a charge on your husband's half do the property, who wants to buy half a house? What is the value of half a house? Probably Nil value! Your solicitor will describe this in more detail for you.

Hope this helps,

Fiona

 

[LYN T]

I agree with Fiona

The house is disregarded for lots of reasons.If you are married and live in the house, civil partner, over 60, carer,disabled (can't remember the rest) but there's quite a list-so you are safe.

Take care

Lyn T

 

[boomerang]

LPA is what you should be going for. Please make sure you get both of them..

1. Covering assets and financial matters and,

2. Covering health and welfare.

Another thing to discuss with your solicitor, especially if you have family, is to consider changing the house from joint ownership to Tennants in Common. By doing this and in the unfortunate even that you should die before your husband, you can will your half of the house to your family, independently of your husband's half of the property. So although the LA might try to put a charge on your husband's half do the property, who wants to buy half a house? What is the value of half a house? Probably Nil value! Your solicitor will describe this in more detail for you.

Hope this helps,

Fiona

Thank you all that have replied I had nightmare thinking thats it home will be sold in future if he went into a care home thank you all