A further protection can be built into planning for couples by having carefully structured Wills in addition to holding the property as tenants in common. Wills can protect capital in the event that one spouse/partner dies and the survivor needs to go into care.
Instead of leaving your estate to your spouse/partner on the first death you could instead leave your estate in trust for their benefit during their lifetime and following their death to your children or other beneficiaries. Your spouse/partner can continue to live in the house and receive income and capital from any savings held in trust depending on how the Wills are structured. The assets held in trust are not included in any Financial Assessment in respect of care fees for the surviving spouse/partner and the Deprivation of Assets Rules cannot be applied as the surviving spouse/partner has not made a gift.
If you are single or a widow/widower then you do not have the option of holding your property as tenants in common, which only leaves the options of doing nothing, paying for care, giving assets away or placing your property into a Lifetime Asset Protection Trust (see below).
Although an Immediate Care Plan can be purchased when care is required these are expensive and therefore not an attractive option.