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Leaving money to legatees who drink
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BessiePup
Posts: 1 Newbie
Hi all, both my brother and cousin are in this position, and I wonder if anyone can help.
Is there a way to leave money in trust to an over 40, who is an alcoholic, or for another reason not able to manage their own finances? Neither of these two recipients don't have capacity, but neither can manage money at all.
Thanks for your thoughts.
Is there a way to leave money in trust to an over 40, who is an alcoholic, or for another reason not able to manage their own finances? Neither of these two recipients don't have capacity, but neither can manage money at all.
Thanks for your thoughts.
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Comments
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Yes, it would be possible for their wills to create a discretionary trust. The problem with discretionary trusts is that they are a pain for the trustees to manage and they are subject to high levels of taxation. If the beneficiaries qualify as vulnerable persons then the taxation issue is not a problem but I don’t think being an alcoholic qualifies.
https://advisingfamilies.org/uk/information-portal/caring-for-others/disabled-persons-trust/?gad_source=1&gad_campaignid=811449584&gbraid=0AAAAADLykEaWociP9Cdf62Ji8tJliSPUL&gclid=EAIaIQobChMIyNvl0MfcjgMVG41QBh122zPAEAAYAiAAEgL0xPD_BwE
Both of them should see a STEP qualified solicitor to see the best way of drafting their wills.1 -
Are either of them in receipt of means tested benefits?If you go down to the woods today you better not go alone.0
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No idea if this is possible - others with greater skills may comment - but would it be possible to leave an annuity whereby this would mean they get a monthly income but no access to the capital0
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