Wills - Property

[237SJ]

If a will says "I leave my house to so and so, and any residue from the estate (ie money in bank accounts) to so and so, what happens if that person ends up needing care at the end and the property has to be sold. How should the will be worded to say that the person will inherit any monies left over after care fees (what`s left from the house sale)?

[EDDIE51]

As far as I know they do not actually force the sale of the house while the owner is alive , but an 'interest' in the house is registered. This 'interest' (cash) has to be paid when the house is sold / transferred. So someone could inherit the house only to find most of value is owed in care fees.

[atalanta]

If you leave the house to one person, and the remaining assets to another, just don't forget about Inheritance tax. If the estate is liable for inheritance tax, the tax will be taken from the assets left after the house becomes the property of the first legatee. You could word the will so that the (two ?) heirs have to share payment of any tax due. But if you are not sure whether what you write is going to end up as what you want, first try the CAB, then a solicitor.

[ubasses]

If you are worried about Care fees the money will probably be spent before the house proceeds. If you have have more than one person you wish to leave your assets to, the best way is to decide what percentage of you estate you want to leave to each and divide it that way. Then whatever is left at the end of the day they will each get that percentage of what's left.