a-will-you-can-trust-to-protect-vulnerable-beneficieries

A Will you can trust to protect vulnerable beneficieries.

Who can you trust to look after the best interests of your loved ones when you’re gone?

The obvious answer is to make a Will so that your inheritance is shared in accordance with your wishes.

But what happens if you have a partner or child with a disability, or perhaps a child with special needs, or you wish to leave an inheritance for a vulnerable adult?

The importance of these issues is highlighted by new figures from the National Health Executive which reveal that councils in England are being inundated with over 5,000 new requests for adult social care services every day – and this comes at a time when local authority budgets are under financial pressure with a  warning that they could have to ration social care in some regions.

This is where a Trust in your Will can help you make provision for your loved ones.

We live in an age where medical advances mean people with severe disabilities are living longer, and people are more likely to be diagnosed with special needs.

You can, of course, provide the care and support your children need when you are alive, but what happens when you are gone?

You can leave them a specific amount of money in your Will, but this could lead to difficulties further down the line:

  • Leaving your child with a large amount of money could put them in a vulnerable position. For example, making them a target of abuse from others.
  • Where your child is not able to deal with their own finances.
  • Where your child could lose their means-tested benefits.

There is the option of leaving the money to someone you trust to look after your child, but this can have pitfalls too:

  • You never know how someone’s changing situation and finances (e.g. divorce, bankruptcy, etc.) could impact on your child.
  • If they die, their estate could go directly to their own children (or other beneficiaries), leaving your child with nothing.

But you can make sure you have ring-fenced your inheritance for your child by making a Trust in your Will, and you can dictate the terms.

Trusts work in different ways – speak to an expert to find out which would be the best one for you. Let’s take an example: The Disabled Person’s Trust. It will allow you to:

  • Leave some or all of your estate to someone who is unable to manage the inheritance for themselves.
  • Establish the amount, and appoint the Trustees to manage the inheritance
  • Leave a Letter of Wishes stating how you would prefer the Trust is run by the Trustees.

There are other advantages too – a Trust does not affect any means-tested benefits, and the money cannot be used to pay off any debts.

Your beneficiary cannot be forced into giving the assets away or using the money for inappropriate means.

If you want to talk to someone about including a Trust in your Will, why not contact David at Will Makers of the Midlands on 01952 305105 or 07786 548025.

Remember, if you don’t have a Will, the authorities will decide how and who should receive your assets according to rules called the ‘Laws of Intestacy’.

Simply call us on 01952 305 105 for more information or to arrange a convenient time to meet one of our consultants.

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WHAT OUR CLIENTS SAY ABOUT US

I have known David for over ten years and cannot recommend him too highly.

He has written several Wills for me and my family and also Powers of Attorney.

I have recently had my Will written by David. He came to our house and gave us a first class service, he was very helpful and guided us through the process. The after care is also excellent, you are given wallet sized cards which detail your Will and where it is stored, if legislation changes updates to the Will are completely automatic reflecting these changes. I would highly recommend David to any of my friends or colleagues.”

With two young children our major concern was to ensure that we implemented the right provisions for their future care and financial well being. The way that you structured our meeting and the advice that you provided, has left the pair of us feeling incredibly comfortable. We now have a legal document that would ensure our aims have been met. We couldn’t recommend David highly enough.

I have known David for some time and find him to be extremely knowledgeable and professional.

Friends and family of mine have used David’s services and the feedback has always been very positive.

Peter Clowes

Oliver & Debbie Rowe

James Godfrey

Karen Babington

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies