We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Disabled Persons Trust (Vulnerable Beneficary, Discretionary Trust)

Options
I would like to set up a Disabled Persons Trust for the benefit of my adult children who have learning disabilities. (They are both eligable, it would be a discretionary trust and would protect any future inheritence they may receive and their means tested benefits) 

Is it possible to do this without paying large amounts of money to a solicitor? Could I do this myself, or is it neccessary/ preferable to use a solicitor. What would be a reasonable amount of money to pay for this?
Will be grateful to hear from anyone who has set up such a trust.

Comments

  • wolfehouse
    wolfehouse Posts: 1,394 Forumite
    First Post First Anniversary
    Options
    I Have done this and learned a few things along the way.
    My local Carers service have a lawyer who gives free advice and if there is someone like that near you try getting their opinions.
    i paid well over the odds but it needs to be set up by a lawyer who can word it correctly and future proof it so that if the government moves the goal posts the trust is still going to work.
    you also need to think who will be the trustees, and they will need to keep a ‘note’ of any decisions to spend the money so it can be checked that all was agreed and used for the purpose it was meant.
    the trust I set up ends if my loved one dies, because that’s the way we wrote it.
    the lawyer who advised me said my trust was set up by an old fashi9ned lawyer who used flowery, complicated language as was the style (and I paid well over the odds so make sure you ask how much it will cost) and that nowadays the language can be more understandable to the lay person.
    but my Own personal opinion is you can’t set one up alone if you want it to be valid.

Meet your Ambassadors

Categories

  • All Categories
  • 344.7K Banking & Borrowing
  • 250.6K Reduce Debt & Boost Income
  • 450.4K Spending & Discounts
  • 236.9K Work, Benefits & Business
  • 610.7K Mortgages, Homes & Bills
  • 173.8K Life & Family
  • 249.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards