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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34494
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I'm just thinking ahead. If my wife or I went into care

Resolved Question:

I'm just thinking ahead. If my wife or I went into care I understand we'd have to pay until our savings wre down to £23k or something like that. Can we be forced to sell our house to provide more funds for care? Similarly if a pension pot has been put into an annuity I believe that can't be accessed to pay for care but if we go for income drawdown could they force us to use that and effectively exhaust our retirement savings? regards Gavin.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further informtaion first

How much is the property worth?

Customer: replied 1 year ago.
Hi Clare. The property is worth about £750k and we would trade down to about £400k-£450k. regards. Gavin.
Expert:  Clare replied 1 year ago.

Do you have any other assets?

Customer: replied 1 year ago.
Apart from pension pots nothing of great scale. Maybe about 50k.
Expert:  Clare replied 1 year ago.

Provided one of you remains in the property then the sale cannot be forced to pay for the care of the other spouse.

Cash funds are indeed vulnerable (or at least those held in the sole name of the spouse in question) but an annuity is indeed safe

Please ask if you need further details

Clare and 3 other Law Specialists are ready to help you