Do you have a disabled or otherwise vulnerable beneficiary that you worry about?
Many of our clients have beneficiaries that are disabled, vulnerable or for whatever reason may not be able to take control of and keep safe their inheritance.
In this scenario, we at RRK Legal would advise a Disabled/Vulnerable persons Trust in the clients will.
In this Blog we will discuss why this type of Trust within the will can be important and exactly how it works.
Examples of vulnerable persons
Disability – If a beneficiary has a mental disability they may not be able to look after their inheritance.
Addiction – for a beneficiary that has an addiction to alcohol and/or drugs, it could be dangerous for them to inherit large sums of money.
Vulnerability – sometimes a beneficiary could be vulnerable in other ways too. For example, if you have a beneficiary that is too trusting of people and often finds themselves in a bad crowd who could fritter away their inheritance.
How it works
If the individual writing a will has a disabled or otherwise vulnerable beneficiary, they would be advised to consider a Disabled/Vulnerable Person Trust. This Trust allows the testator (person writing their will) the opportunity to name a Trustee to manage the Disabled/Vulnerable persons money once they inherit.
This would mean the Trustee would effectively control the inheritance but would not be the beneficiary of it. The Trustee would hold the inheritance in Trust for the beneficiary and would only release sums of money to the beneficiary when they saw fit to do so.
It’s quite obvious to say that the Trustee named needs to be someone that the testator trusts absolutely and also has the best interests of the beneficiary at heart too.
Who could be a Trustee?
-Someone that can be trusted (as the title suggests!) to have the beneficiaries best interest at heart.
-A family member or close friend of the testator and beneficiary.
-The Trustee could be anyone over the age of 18 years old.
RRK Legal LTD are based in Birmingham and protect families all across the Midlands, Worcestershire, Staffordshire and beyond!
Get in touch to protect your family. Start the process with a FREE no obligation consultation with one of our fully qualified and licenced consultants today!
Web: www.rrklegal.co.uk
Email: info@rrklegal.co.uk
Telephone: 01215460771
