Money matters

Share information, support and advice on all aspects of caring.
Yesterday I attended a training session arranged by the local carer support.
Entitled "Discretionary Trusts" the speaker expertly covered all sorts of care finance topics (excluding benefits). It was most relevant to anyone with property or assets
Out of 8 attendees 4 were parents caring for young adults , 3 were caring for spouses in care homes and one didn't say.
We covered a lot of ground, and I can't remember everything-it was 2 hours long
However key points
● Everyone over 18 should have and register Powers Of Attorney for both health and welfare and for finances.
(One person was caring for a young spouse badly injured in a car accident 2 years ago)
● If a couple have mirror wills (i.e. where everything passes to the survivor) and one goes into a care home then the other should ensure his/her will is changed to protect their half of the assets, in case they should die first. Else it will all go for care home fees.
● A Trust (of which there are several types) can be used to ensure that a beneficiary (usually a disabled child/adult) can either remain in the family home when parents pass, or can be provided for financially with other assets or property, without the beneficiary actually owning the property
● All financial/wills/etc should be revised regularly and definitely after each legislation change or change in circumstance

The person giving the talk certainly knew her stuff, and the situation of carers. She was a trained finance/legal person but not a solicitor. If anyone wants her details ,please pm me
hi, thanks for the information, really helpful

FYI I looked into a ful enduring POA, costs average of £1300 to get everything done, recorded at Court and archived so its all Legal and cannot be argued about by the Government trying to take over care or take assets from the impaired person.