LIVE 24-SEVEN


HARRISON CLARK RICKERBYS SAFEGUARDING FUNDS


Most of us are familiar with the idea that making a will allows us to plan what and when our family will inherit when we die. This is especially important in the case of young children. Making sure they do not receive a large (or even small) in- heritance before they are mature enough to deal with it is certainly sensible.


But what happens where we want to leave money or assets to someone who by reason of mental incapacity may never be able to manage their own money? Is it possible to structure the gift so that it is protected for them longer term and does not affect their entitlement to support they are already receiving in the form of means tested benefits?


Of course every case is unique and it’s important to take professional advice but more often than not the solution is to set up a trust for the benefit of the particular family member. Trusts for vulnerable people qualify for special tax treatment and do not affect the right to continue to receive means tested benefits and support.


Choosing the right people to act as trustees is a key decision. We can guide you through the options as well as draft the trust for you to ensure it meets the necessary criteria. Knowing you have done everything you can to protect vulnerable members of your family is a large part of your overall planning for the future.


For personalised and professional advice on how to safeguard funds for a vulnerable individual please contact me on dking@hcrlaw.com or 01432 349 670 and I will be happy to discuss your circumstances and advise accordingly.


David King Partner, Wills, Trusts and Estate Planning Talk to David on: 01432 349 670


www.hcrlaw.com / 72


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