Wills And Trusts
- 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 passes to a ‘trustee’ instead of your relative. The trustee could be a family member, friend or another person. It is important that this person is reliable, because they will have the final say about whether your relative gets any of their inheritance.
- 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 make decisions about wills and trusts. Just visit www.mentalhealthandmoneyadvice.org to find out more.
Last reviewed in February 2017. Next review February 2020.
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