inheritence arrangements and disabled child

wolfehouse

has anyone got experience or advice about setting up a trust or similar to enable a child incapable of handling affairs to inherent while making parents feel they will benefit as they should?

inheritence was formerly to be split 3 equal qays so that made will writing very very easy.

daska

Yes, knowing some people who are in the position of having a parent fritter away £4million that was supposedly 'in trust' for them (grandchildren) to the point that they will be lucky if their inheritance is in double figures... make sure you get someone who knows what they're doing to write the will. You could do worse than to use a member of the IPW

cresentmoon

If you have a child with a neurological condition and is in receipt of middle or high rate DLA you can apply to cerebra for a £350 grant towards writing a will and setting up a discretionary trust for your child. We have just done this as DD has Cerebral Palsy.

http://www.cerebra.org.uk/parent_support/support/wills_and_trusts.htm

I second using a professional will writer.

HTH

Pee

I would use a solicitor to draw up the Will, which will contain a Trust to protect the money for the disabled person. This will allow them to have the usual access to benefits, which may be very important in the form of sheltered housing etc in the future.

You want someone who knows what they are talking about and will comfortably talk you through what happens with the Trust.

The person above talks about bad trustees. My suggestion would be that the Trustees should be friends and family members and that you need two or possibly three. If you do not have any friends or family members you can trust, the other option is a solicitor, but the costs involved mean that this might not always be appropriate.

wise_fool

Pee wrote: »

I would use a solicitor to draw up the Will, which will contain a Trust to protect the money for the disabled person. This will allow them to have the usual access to benefits, which may be very important in the form of sheltered housing etc in the future.

You want someone who knows what they are talking about and will comfortably talk you through what happens with the Trust.

Unfortunately that doesn't mean that a solicitor will be the best choice. I agree that a professional will writer would make more sense. The IPW specialise - but if you really must have a solicitor then a STEP member will know their stuff.

kinksfan

my mother has 28k in savings following my father's death, she does not own her house, she needs to start getting home help which will eat into these savings, can my mam give each of her 7 grandchildren say 3k each legitimately or without having tax implications for donor or recipient?