Tenant in common

It doesnt have to be 50/50 necessarily.

I think that if the property is sold for downsizing by a surviving partner the debt is payable from the other partner's portion.

Deprivation of assets could be seen as a problem.

Separate savings and current accounts are worth looking at but there needs to be a logic to how they are operated.

AgeUk are a good starting point and, of course, a solicitor.

You definitely need to speak to a solicitor Lilypops .
Is the house in joint names?

Fennel, yes the house is in joint names, and we will speak to a solicitor , I don't know about downsizing, if the surviving spouse has only half left it wouldn't buy much , I didn't even know about this until talking to afriend recently who has done this and said everyone should think about it,

Thank you Kitty for your good advice , there's a lot to think about ,

This isn't meant to be advice, but I think It was once mentioned on here that if one of a couple had to go into old age care the remaining partner couldn't be forced out of the house to release the funds for fees.

Yes now all about it just done it. We have become tenants in common and also made out new wills each leaving their share to our son. Its being left in a trust. When the first one of us goes, then their share will go into trust. I can still live in the house and sell if I want. Should either of us go into care then the financial assessment will only take into account a half share of the house and any savings in their name. We have also split our savings and investments. Suggest you find a solicitor who deals in Trust, which are very simply to administer and find out more.

Yes we've done it too and made new wills leaving respective share to AC same as BARMEYOLDBAT.

Thank you BOB' that makes a lot if sense to me , we have three adult children and would want to leave equal shares to each one , my worry was , if the survivor only had half the money left and wanted or needed to sell, how much money would be left to buy somewhere else, I guess that's were a trust solicitor would be helpful .

Maybe I am reading some posts wrongly but can I just say that Fennel is right. The value of the house is only ever taken into account when no one else is living in it ie the wife goes into care and husband stays at home, value of house ignored. Husband dies, wife still in care, value of home taken into account. Tenants in common only has an advantage when only one partner is living and then goes into care. However, there are many issues to consider- what is the value of the half share?Is it enough to pay for care for as long as might be needed? If not, would you be happy to move into whatever home the local authority was prepared to pay for when your own money ran out?

As Kitty says you have to be careful about deprivation of assets. If you need to go into care the council can look back.

And there is now no time limit!

AgeUk have brilliant downloads on their website as a starting point.