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Rising Care Homes Fees Mean More Elderly People Leaving Families With Nothing

Mounting costs of care home fees could mean elderly people have nothing to leave in their wills!

Michael Overend

Michael Overend

Michael Overend, a wills and estate planning specialist with law firm, Charles Lucas & Marshall, says increasing numbers of elderly people could see their assets wiped out as they struggle to fund the costs of living in a care home.

“It seems unfair that people who have saved and lived carefully for years will have nothing to leave for their families in their will,” she said. “This does not have to be the case though.

“Many people are ending up in this situation because they have not received legal advice about their estates and are therefore unaware of the consequences of not making a will.”

Michael Overend’s warning follows a report that more than 20,000 pensioners had to sell their homes last year to pay for residential care home fees – an increase of 17 percent over the past five years.

Last year’s Age Concern/Help the Aged estimates put average care home fees at £470 per week.

“Most couples I meet have two concerns,” adds Michael Overend. “They want to provide for their spouse and preserve some of their estate for their children. This can be achieved through the preparation of a Will – which means they can carry on living and enjoying their lives.”

“Residents’ assets will inevitably deplete. Our advice to people who are worried is to speak to their solicitor as they can inform you of the options you have.”

The figures are based on research by health care analysts Laing & Buisson and the House of Commons Library.

For further information contact Michael Overend on, or 01635 521212

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Michael Overend

October 10th, 2015 at 12:46 pm

Posted in News,Wills

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