Planning For The Future: Wills and Trusts

Planning ahead financially allows you to make sure your relative has enough money for day-to-day living, long-term security or a bit of extra cash in addition to welfare benefits.

A will allows you to state who is to benefit upon your death, what will pass to whom and under what conditions. Planning in advance can also help to avoid problems your relative may have in claiming benefits or being charged for services, like residential care, after inheriting money or property.

To avoid these problems you may wish to consider leaving money in a discretionary trust. A discretionary trust can be set in the lifetime of the person making it or by will upon their death.
Providing for people with mental illness raises complicated issues so it’s important to use a solicitor.

If set up appropriately, a discretionary trust can overcome problems in qualifying for means-tested benefits and being charged for community care services after someone inherits money or property.