By Mencap
If you have a child with a learning disability A learning disability is to do with the way someone's brain works. It makes it harder for someone to learn, understand or do things. , you've probably thought about what will happen to them when you're not around anymore. It's a difficult thing to think about, but planning for it now can help secure their future.
Saga is a company that provides services for people over 50, and they have published an article about planning for the future if you have a child with additional needs. The article features Mencap's Wills and Trusts
Manager
A manager is a boss at work. They tell you what you need to do and give you support if you need it.
, Emma Cadey, as well as
financial
Financial means anything that is to do with money. It is used to describe how people, businesses, or governments get money and how they use it
advisers and legal experts who work with families in your situation.
Why do we need Trusts?
Leaving money for your child in your will should be simple, but unfortunately, leaving them a lump sum can cause problems. If someone with a learning disability has money in their own name, it can affect the benefits they receive.
As Emma explains in the Saga article: "Having as little as £6,000 in savings can impact their means tested benefits and around £16,000 could stop them completely."
A Trust A Trust looks after money for a person or a group of people. is one way around this problem.
A Trust is a legal arrangement where money is set aside for your loved one, but it doesn't legally count as theirs. This means their benefits can be protected while still ensuring they have financial security.
The Saga article explains this concept in more detail. Including:
- The different types of Trusts, and which one might be right for your family
- How to choose trustees - the people who will manage the money
- How to write a "letter of wishes" that tells the trustees what you want for your child's future
- What happens to pensions and workplace benefits, which aren't covered by your Will.
Wills and Trusts support from Mencap
If you would like more information about Wills and Trusts, Mencap's regular webinars are a great starting point.
We also have lots of useful guides and information on our website.
Emma Young