Your Will, your legacy: how should I provide for a disabled relative in the UK?
Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
The first thing to consider is making a will, so you can express your wishes and ensure your assets pass to the people you want them to on your death. Additionally, and whether you wish to provide for your loved one during or after your liftime, you may wish to consider a disabled persons trust. Broadly, this involves appointing trustees to manage the trust fund, whilst enabling you to express a view on how the fund is used. This can be really helpful in making sure your loved one is looked after during their lifetime, particularly if you might have concerns about their capacity to manage their own financial affairs. A disabled persons trust can also have particular tax advantages for both you and your loved one.
The first thing to consider is making a will, so you can express your wishes and ensure your assets pass to the people you want to provide for on your death.
Additionally, and whether you wish to provide for your relative during or after your lifetime, a disabled person’s trust may be something you decide to consider. Broadly, this involves appointing trustees to manage the trust fund and ensure your loved one is adequately provided for during their lifetime, whilst enabling you to express a view as to how the funds are used. Setting up a disabled person’s trust may be particularly useful if you have concerns about your relative’s capacity to manage their own financial affairs, and also has certain tax advantages which may benefit both you and your relative.
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Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
The first thing to consider is making a will, so you can express your wishes and ensure your assets pass to the people you want them to on your death. Additionally, and whether you wish to provide for your loved one during or after your liftime, you may wish to consider a disabled persons trust. Broadly, this involves appointing trustees to manage the trust fund, whilst enabling you to express a view on how the fund is used. This can be really helpful in making sure your loved one is looked after during their lifetime, particularly if you might have concerns about their capacity to manage their own financial affairs. A disabled persons trust can also have particular tax advantages for both you and your loved one.
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