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Inheritance will stop all my disability benefits. No trustee?
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I admit I worry about something similar down the line, although I am not talking a massive amount of money, but enough to stop the likes of ESA, however, I shall use whatever money comes to me, to pay off my car loan (if it is still in progress) and to purchase things I might need for my home, especially if I have not moved as I would also like to replace my bathroom for a more accessible one, with permission from my housing association I could do this, since the council have rejected my application assessment for a DFG, on the grounds I was clean and tidy when they assessed me (yes I kid you not)1
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Hope it’s ok to ask a question relating to this thread. Our wills are set up so that on our deaths our estate is to be split between our two sons, one of which has autism and learning disabilities and lacks capacity. His part is to be placed in a trust with various named people to look after it. Is the trust set up at the time of inheritance once all the formalities are taken care of or should there be something official in place before then? A bit confused! Thanks,0
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This board might have more answers
https://forums.moneysavingexpert.com/categories/deaths-funerals-probate
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Flakie said:Hope it’s ok to ask a question relating to this thread. Our wills are set up so that on our deaths our estate is to be split between our two sons, one of which has autism and learning disabilities and lacks capacity. His part is to be placed in a trust with various named people to look after it. Is the trust set up at the time of inheritance once all the formalities are taken care of or should there be something official in place before then? A bit confused! Thanks,
However it is possible to set it up whilst you are still alive. This can reduce the workload of the trustees after you have died in setting it up. The downside could be that trusts cost money to run, especially as usually some professional help is needed.0 -
Albermarle said:Flakie said:Hope it’s ok to ask a question relating to this thread. Our wills are set up so that on our deaths our estate is to be split between our two sons, one of which has autism and learning disabilities and lacks capacity. His part is to be placed in a trust with various named people to look after it. Is the trust set up at the time of inheritance once all the formalities are taken care of or should there be something official in place before then? A bit confused! Thanks,
However it is possible to set it up whilst you are still alive. This can reduce the workload of the trustees after you have died in setting it up. The downside could be that trusts cost money to run, especially as usually some professional help is needed.
Yes I totally agree.
I have just been involved with setting up a trust.
The costs of setting up a trust, running it & withdrawing funds from the trust could far outweigh the benefits of one.
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Flakie said:Hope it’s ok to ask a question relating to this thread. Our wills are set up so that on our deaths our estate is to be split between our two sons, one of which has autism and learning disabilities and lacks capacity. His part is to be placed in a trust with various named people to look after it. Is the trust set up at the time of inheritance once all the formalities are taken care of or should there be something official in place before then? A bit confused! Thanks,
Whether it's worth getting the trust set up in advance is something they could probably offer advice on. They run some seminars which should be helpful.Signature removed for peace of mind1 -
greyteam1959 said:Albermarle said:Flakie said:Hope it’s ok to ask a question relating to this thread. Our wills are set up so that on our deaths our estate is to be split between our two sons, one of which has autism and learning disabilities and lacks capacity. His part is to be placed in a trust with various named people to look after it. Is the trust set up at the time of inheritance once all the formalities are taken care of or should there be something official in place before then? A bit confused! Thanks,
However it is possible to set it up whilst you are still alive. This can reduce the workload of the trustees after you have died in setting it up. The downside could be that trusts cost money to run, especially as usually some professional help is needed.
Yes I totally agree.
I have just been involved with setting up a trust.
The costs of setting up a trust, running it & withdrawing funds from the trust could far outweigh the benefits of one.
However a trust for a person with severely impaired mental capacity is usually seen as a good idea, and there are even special rules in place that can simplify how the trust works if certain criteria are met. ' A disabled Persons trust'
Whether it's worth getting the trust set up in advance is something they could probably offer advice on. They run some seminars which should be helpful.
AIUI there two possible advantages to setting up a trust in advance.
1) Most of the admin/arrangements will be in place, so a lot less hassle for the executors of you will.
2) If you are likely to be liable for inheritance tax, any money placed in the trust will not count towards any inheritance tax calculation if you live for at least 7 years after setting it up.
The downsides are ;
1) Trusts cost money to run, and annual reports to HMRC etc are needed. This could go on for decades.
2) The law might change, maybe meaning everything would have to be redone.
Probably other issues. I am not an expert.2 -
RobinHill said:marcia_: Because getting the means tested benefits back in place is no pleasant matter. It seems that the OP was not aware that PIP is not means tested.
Maybe the same applies to the OP?0
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