Protecting vulnerable family members
People who have children or close relatives who are deemed vulnerable and want to know the best way to provide for them, after their own demise. It is vital that this event is planned for properly. If the planning falls short, this can cause lots of issues for those who you intended to benefit and at a time when funds could be most needed.
What makes someone vulnerable?
Lacks capacity to deal with financial affairs
May be good with money but has their finances ‘means tested’ for benefit purposes.
These reasons mean it is not ideal to simply leave vulnerable people money in your Will. To get around this some families decide to leave money to a relative on the understanding that they will look after the disabled person.
But if the relative dies, gets divorced or has large debts, they may lose control of the money and the person it was intended for could lose out.
What’s the alternative?
For the majority of vulnerable people, setting up a Disabled Persons Trust can be the best way to protect the interests of a loved one, ensuring they can maintain their quality of life while protecting their means-tested benefits.
For more information please call on +44 7831 379562 (UK) or +34 622 374 738 (Spain), or email me at firstname.lastname@example.org