Wills and Inheritance
It is every parent's priority that their child or young person remains as happy and as comfortable as possible when they have passed. For lots of parents this may mean leaving an inheritance gift of some kind to help support their young person's independence.
There are lots of different ways to plan for and protect your young person's future, as well as lots of factors to consider. If you're thinking about leaving your young person an inheritance, it is important to remember that:
- in some cases, leaving a lump sum of money can cause benefits and support (previously funded by the local authorities) to be cut off.
- loved ones could become the target for financial abuse from others.
- leaving large sums of money or assets can be overwhelming for the recipient.
How could a trust help?
If your child or young person has a profound disability or lacks 'mental capacity' you may consider putting your inheritance gift into a trust. A trust is a legal arrangement that enables between 2 and 4 people (trustees) to manage the inheritance gift left to your child, or young person, according to your wishes.
has lots of information about trusts as well as an advice line
Some trusts also get special tax treatment, these trusts are called Trusts for Vulnerable Beneficiaries.
Mencap - Protecting their future
A video to help explain what long term financial planning options you have as a parent with a young person who has SEND.