Our team has considerable experience of helping vulnerable people with their estate planning which will often include involving loved ones and those who may already be assisting – such as attorneys.
We provide specialist clear advice to suit your needs. Our wills are accompanied by a commentaries, which explain the terms and general taxation implications of the will and any associated trusts. We can prepare ancillary documentation such as a letter of wishes which provides guidance to your trustees and can include matters you would like them to consider in administering the trust, for example, how you would like them to use the income and capital of the trust for the vulnerable beneficiary, specific details about the needs of the vulnerable beneficiary and how you envisage the trustees protecting trust assets for the vulnerable beneficiary.
Parents and families of children with a vulnerability, such as a physical, mental or learning disability or an addiction, may have concerns about that child’s future and how they will cope when immediate family are no longer around.
If you are thinking of leaving an inheritance to a vulnerable person it is sensible to get legal advice about the impact this inheritance may have. Will the beneficiary be able to manage the inheritance? Will it make them more vulnerable to the attentions of a third party putting them at risk of financial abuse? Will it affect the state benefits they receive? Even a small lump sum inheritance can affect entitlement to benefits.
It is possible for an inheritance to be left in a trust in your will, under the terms of which the vulnerable person can benefit. It is advisable that the trust is administered by responsible and trusted trustees, which can be family members, friends or professionals chosen by you. The types of trust that we can advise on to help protect assets for vulnerable people are:
• discretionary trusts
• disabled person’s or vulnerable person’s trusts
• bereaved minor’s trusts
• age 18-25 trusts
Parents will likely wish to include the appointment of a guardian or guardians in their wills, in event of them both dying before their children reach 18. Appointing guardians you approve of and trust to take care of your children will give you peace of mind..