My husband is in a residential care home. Currently, he makes a financial contribution to fees/cost of care from his benefits and pension. However, it is likely that he will inherit approximately £250,000 to 300,000 from his late parents’ estate when their property is sold in March.
I know that if an individual has more than £23,000 they will almost certainly have to self-fund for their care and services, so I fully expect my husband to become self-funding once he receives his inheritance. However, my husband would like to make a gift of money to each of our sons. Would he be able to do this without being ‘guilty’ of hiding assets, and if so, what would be a reasonable sum to gift our sons?
Hi @Janet_1601 There are huge legal and financial implications in situations like this, unless there is provision in a will from your husband’s parents. As fellow carers, we’re unable to offer any advice other than “don’t do it!” - the best advice otherwise is to contact the Helpline via email: advice@carersuk.org should get you there. You may need to give a little more information before they can give a proper response.
Yes, do get a deed of variation. We did this when one of my two brothers died, both much older than me. The main beneficiary, which your husband is, can arrange for this. You obviously need legal help and I hope that the act of variation of the will would not count as deprivation of assets - since the will would not exist in its final form until after variation.
I’ve been beaten to the comment I wanted to make about seeking advice on a Deed of Variation. You do need full legal advice though. A Will can be changed with the agreement of all beneficiaries and it seems that is what your husband would like to do. Hope things work out.