On Wednesday we gave a talk at the offices of Down Syndrome Bradford on the topic: supporting children with special needs. We love doing this work; it feels incredibly valuable to help and guide parents in securing the financial future of their loved ones.
So what do we advise? Four simple things:
1. Make a Will
2. Create a Trust
3. Talk to family members
4. Get tailored legal and financial advice.
Many families ask what a trust is, and why we advise creating one. A trust is a vehicle whereby you give funds to other people (trustees) to look after for the benefit of others. A trust:
- protects funds for your child
- is looked after by trustees you appoint
- can be used to cover a huge range of things to ensure your child has a good standard of living.
The benefits of a trust are multiple:
Flexibility. Trustees can look at your child’s needs and manage the funds for their benefit. Your child’s needs will change as they grow older and trustees can utilise the trust’s flexibility to ensure these needs are accommodated.
Protection. Trustees can ensure that funds are used for your child, and not at risk of passing to third parties, e.g. local authority care.
Inheritance. A trust can ensure that following your child’s death, you decide who the money then passes to.
Confidence. You appoint people you trust and who know your child’s needs, avoiding any court interference.
If you have a child with special needs, you will have pressures and challenges. Thinking about the future may seem too hard. But with good legal advice, you will be able to work through the options and make informed decisions, offering you peace of mind.
For advice on any aspect of Wills, Trust and Probate, contact Lois di Vito on 01756 692869 or lois.divito@awbclaw.co.uk
12 April 2024
Further reading:
A child with special needs may require special long-term planning.
Making a will: Overview (www.gov.uk)
