Wills and trusts
This page may help you if you care for someone who has a mental illness. You might have thought about how your money and things you own (your assets) can pass to them when you die. This page looks at how you can plan this by writing a will and setting up a trust. On this page, we call the person you want to leave your money and assets to ‘your relative’.
- Planning ahead can help make sure your relative gets the most out of their inheritance.
- An inheritance could affect your relative’s entitlement to benefits. And could lead to them being charged for social care services. A ‘discretionary trust’ may help to avoid these problems.
- A discretionary trust means that your money and assets pass to ‘trustees’ instead of your relative. The trustees will hold your money and assets in trust for your relative. They will make decisions about when your relative can have money.
- It is possible to write your will yourself. However, if the issues are complicated or if you plan to set up a trust, it is important to speak to a solicitor.
We know that money and mental health problems often go hand in hand. That’s why Rethink Mental Illness, as part of Mental Health UK, have set up a new website. It will help you understand, manage and improve your mental and financial health. You can find a wide range of information to help you with your benefits.