Disabled/Vulnerable Trust Solicitors Glasgow
You should seek advice about discretionary trusts if you want to provide for someone who:
- has a learning disability
- has an autistic spectrum disorder (ASD)
- receives care or support services
- receives means- tested benefits
- receives a self-directed support budget or direct payment
- has a substance abuse problem
- has lost capacity due to dementia or following a stroke or brain injury
- has certain mental health conditions, such as bipolar disorder, that may lead to impulsive spending
- is vulnerable to exploitation
The list is not exhaustive and there will be other individuals who could benefit from a trust. We can also help set up personal injury trusts to protect benefits if you have received compensation following an accident or an award from the Criminal Injuries Compensation Authority (CICA).
There are four key benefits to setting up a trust.
- It hugely reduces the risk of someone being financially exploited. The Trustees control and monitor spending so third parties are unlikely to target your relative.
- It protects against unwise spending. The Trustees can keep an eye on spending and reduce the risk the funds will be spent unwisely.
- Trusts are very effective in ring fencing assets, so your relative’s benefits’ and care services are not adversely affected.
- You appoint people you trust to have some formal involvement in your relative’s life.
What is involved
We can guide you on who to appoint as Trustees and make sure they have the powers they need to operate the Trust effectively. We can also advise on the specific type of Trust you need, depending on your family circumstances and any tax implications.
You will normally need a new will. This will leave money into a Trust rather than to particular individuals. Other members of your family can use the same Trust. For example, if your own parents want to leave money to your children.