To save for a disabled child or not?

JMW77

Is it worth saving for a disabled child ? I treat all my children the same and have always saved for them . My youngest has severe autism and already has over £10,000 in savings but I am worried as he will probably always live at home or with family or possibly  residential accommodation, He will almost certainly never have a job and will need full time supervision .He is only 7 but I'm thinking its not worth me building up too many savings as this will mean he wont get what he is entitled too in benefits,I feel it would be better making sure a sibling has the money to top up anything he ever needs.Also he is likely to never have control of his own money .
Also how do I protect any money he gets from inheritance I need to treat the children equally.
Thank you for any advice.

calcotti

Not my area of expertise but you could investigate creating a discretionary trust fund for him however you would need advice to do this and there will be costs involved. Very important that a trust fund is correctly set up if you want the money disregard for benefit purposes (and of course such advice can only take account of the law as it currently exists).

Loza2016

I’m in a similar position with my 5 year old although he doesn’t have much in savings at the moment. I’ve thought about a trust for him but the concern then is what if the person who controls the trust decided to spend all his money. It’s a difficult situation 

JMW77

Loza2016 said:

I’m in a similar position with my 5 year old although he doesn’t haven't sure what to do much in savings at the moment. I’ve thought about a trust for him but the concern then is what if the person who controls the trust decided to spend all his money. It’s a difficult situation 

Yes I agree its a real worry trusting someone with his money . I'm not sure what to do or where to go for advice.

68ComebackSpecial

JMW77 said:

Loza2016 said:

I’m in a similar position with my 5 year old although he doesn’t haven't sure what to do much in savings at the moment. I’ve thought about a trust for him but the concern then is what if the person who controls the trust decided to spend all his money. It’s a difficult situation 

Yes I agree its a real worry trusting someone with his money . I'm not sure what to do or where to go for advice.

Then you have more than 1 trustee, neither of whom can act in isolation. I am a joint trustee, along with my mother, for one of my daughter's trusts. My husband is a joint trustee, along with an IFA, for his nephew's trust. 

Seek professional advice regarding trusts, their management and the associated costs for set-up and ongoing fees. What is suitable will depend on your personal situation, the sum to be invested and what you wish the trust to achieve.