discretionary trusts

Mojisola

Keep_pedalling wrote: »

Scope are not advocating them to protect your benefits, they are suggesting then as a useful method to provide long term security for a disabled person. So a DT may very well be appropriate for your disabled child or your husband, but not nessasarily for you.

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They could leave their money in a trust for your husband and your child instead of directly to you.

Keep_pedalling

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You state that you would like to purchase your own house with your eventual inheritance, so why not simply do that? Hiding that money in a trust so that the tax payers have to pay your rent through housing benefit is hardly an honerable thing to do.

Britannia12345

Wouldn't buying a house be seen as deprivation of capital? Say for example we bought a house, and if there was anything left over after that we lived on that money until it had got down to the £16,000 threshold, wouldn't the DWP say we'd deliberately spent the money to claim benefits? Could they say the cost of the house we'd bought was too expensive, and leave us with nothing to live on? All this worries me so much.
It would be nice if we never had to claim benefits ever again, but with the cost of living nowadays whatever is left after buying a house isn't going to go far and we'll be back to square one.

Yorkshireman99

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Forget all the speculationthat achieves nothing, and talk to a qualified professional who should be able to gide you to effective chices.

SeniorSam

{Edited by Forum Team}, it's not easy to understand details about Trusts in Wills, but putting it a simply as I can, if your parents have wills that gifts their estate (property and things they own) to a Discretionary Trust, with you, your husband and children mentioned in it as beneficiaries then although the Trustees can help you all with finance, NON of you are considered to own that benefit, because that is what Trusts can do.

This is because beneficiaries can change in a Trust, possibly all ending up for your children one day, so don't worry as it will not affect benefits you get. You, your parents and perhaps another family member you can trust can be the Trustees who manage the Trust, but it may be better to have one additional Trustee who is a professional, solicitor or accountant, as you may have difficulty on your own.

Make an appointment to meet with a STEP qualified solicitor, who should be happy to have an initial meeting to explain it all to you in detail. Only then, if you are happy, you can then ask for his help with your Parents Wills provided they are in agreement.

Hope this helps

Sam

Keep_pedalling

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No it would not be seen as deprivation of assets, you would still have the asset for one thing, secondly it would remove the need to claim housing benefit to pay your rent so you would be far less dependant on benefits for the long term.

You and your parents really do need to take some professional advice and look at all the options and not just fixate on a DT.

Yorkshireman99

Keep_pedalling wrote: »

No it would not be seen as deprivation of assets, you would still have the asset for one thing, secondly it would remove the need to claim housing benefit to pay your rent so you would be far less dependant on benefits for the long term.

You and your parents really do need to take some professional advice and look at all the options and not just fixate on a DT.

Sound advice! Please take the advice already given and don.t waste time with more speculation. Sorry to be blunt but you will achieve nothing with further questions here. Ask the professionals.