Planning for the future of a disabled loved one can be a daunting task, filled with uncertainty and worry. One effective tool to secure their financial well-being is a trust. A trust is a legal arrangement where assets are held by one party (the trustee) for the benefit of another (the beneficiary).
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For a free initial discussion with a member of our New Enquiries Team, get in touch with us today. We are experienced in dealing with all the legal aspects of Vulnerable person and disabled Trusts and once instructed, we will review your situation and discuss the options open to you in a clear and approachable manner. Early expert legal assistance can help ensure you are on the best possible footing from the start and also avoid the stress of dealing with these issues on your own. Simply call us on 0345 901 0445 or click here to make a free enquiry and a member of the team will get back to you.
Why Consider a Trust?
A trust can offer several advantages for disabled individuals:
- Protection of Assets: A trust can protect assets from potential creditors, such as care home fees or other unexpected expenses.
- Tax Efficiency: Depending on how the trust is structured, it may offer tax advantages, such as inheritance tax relief.
- Professional Management: A trust can be managed by professional trustees, ensuring that the assets are invested wisely and used to meet the beneficiary’s needs.
- Flexibility: A trust can be tailored to meet the specific needs of the disabled individual, allowing for flexibility in how the assets are used.
Types of Trusts for Disabled Individuals
There are several types of trusts that can be used to benefit disabled individuals. Here are a few common options:
- Discretionary Trust: This type of trust gives the trustees discretion over how the trust funds are distributed to the beneficiaries. This flexibility allows for the trustees to adapt to the beneficiary’s changing needs.
- Fixed Trust: In a fixed trust, the terms of the trust specify exactly how the trust funds are to be distributed. This can be helpful when the beneficiary’s needs are predictable and unchanging.
- Interest in Possession Trust: With this type of trust, the beneficiary has immediate access to the income and capital of the trust. This can be suitable for individuals who are capable of managing their own finances, but who still need protection from financial risk.
Key Considerations When Setting Up a Trust
When setting up a trust for a disabled loved one, there are several key considerations to keep in mind:
- Appointing Trustees: Choose trustees who are reliable, trustworthy, and have the necessary skills and experience to manage the trust.
- Defining the Beneficiary: Clearly define who the beneficiaries are and the specific purposes for which the trust funds can be used.
- Choosing the Right Type of Trust: Select the type of trust that best suits the beneficiary’s needs and the desired level of flexibility.
- Tax Implications: Consider the potential tax implications of the trust, such as inheritance tax and capital gains tax.
- Professional Advice: Seek advice from a qualified solicitor to ensure that the trust is set up correctly and complies with all legal requirements.
The Role of a Solicitor
A solicitor can play a crucial role in setting up and managing a trust for a disabled loved one. They can:
- Draft the Trust Deed: A solicitor will draft the legal document that establishes the trust, outlining its terms and conditions.
- Appoint Trustees: A solicitor can assist in appointing suitable trustees.
- Manage the Trust: Solicitors can provide ongoing management and administration services, including dealing with tax returns, investments, and distributions.
- Deal with Legal Issues: If any legal issues arise, a solicitor can provide advice and representation.
Planning for the Future
By setting up a trust, you can take steps to secure your loved one’s financial future, providing them with the support and security they need. By working with a qualified solicitor, you can ensure that the trust is structured correctly and managed effectively.
At Blackstone Solicitors, we have extensive experience in setting up and managing trusts for disabled individuals. Our team of expert solicitors can provide you with the guidance and support you need to make informed decisions.
We have a proven track-record of advising upon all aspects of private client work. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.to incorporate, what kind of ownership
How to Contact Our Private Client Solicitors
It is important for you to be well informed about the issues and possible implications of setting up a Trust. However, expert legal support is crucial in terms of ensuring a positive outcome to your case.
To speak to our Trust solicitors today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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