My understanding its on the entering the scheme. While the assets left at the end of each year can be recessed, as obviously cash and such runs down, my understanding is the valuations of home are not looked at. That was my concern in what I expected to be a falling market or a even a crash. But if its only over 3yrs the likelihood of a large change in valuation is unlikely, not impossible.
If there are other properties in the assets they are treated like cash, and I don't see why they could not be revalued each year.
But if someone is in care, its likely you will difficult in doing anything, legal, like getting services connected, gas, electricity, repairs, insurance. Even where you have legal power of attorney (POA), guardianship etc. Its just nightmare.
Once care is on the cards, it really should be a case of succession. Ok there issues around tax and inheritance, and they prevent lots of things being done. But properties other than home should really be transferred, or sold, and the home place set up to be maintained in low cost fashion. Even as I say this I know most of the time this is impossible, as there's always someone that makes everything simple, difficult.
If there are other properties in the assets they are treated like cash, and I don't see why they could not be revalued each year.
But if someone is in care, its likely you will difficult in doing anything, legal, like getting services connected, gas, electricity, repairs, insurance. Even where you have legal power of attorney (POA), guardianship etc. Its just nightmare.
Once care is on the cards, it really should be a case of succession. Ok there issues around tax and inheritance, and they prevent lots of things being done. But properties other than home should really be transferred, or sold, and the home place set up to be maintained in low cost fashion. Even as I say this I know most of the time this is impossible, as there's always someone that makes everything simple, difficult.