- Setting up a trust means you can leave money for a family member or friend with a learning disability without them having to worry about the responsibility of looking after it in their lifetime. It is also a way of avoiding applications to the Court of Protection for a deputy to be appointed to deal with their finances if they are not able to manage looking after the money themselves.
Setting up the trust has given me peace of mind about my daughter's finances after my death.
- A trust offers more protection, as the trustees have control over the trust fund, not the person with a learning disability.
- If an adult with a learning disability is, or is likely to be, entitled to means-tested state funding in the future, they can be a beneficiary of a discretionary or a disabled person's trust. This means the money that they get from the trust fund will not be included when they are being assessed. This is not true for all trusts – so it is very important that you discuss with your solicitor the type of trust you want and how it might affect someone's right to state funding.
- By putting money into a trust for a person with a learning disability, you can make the money available for them in their lifetime should they need it, for example for holidays, equipment or healthcare. You can also dictate where the money should go on their death, for example to your other children or family members, or to charity.