- Fees From £199
- Area Midlands
- Client Type Personal
- Appointment Availability Daytime, Evenings
- Category(s) Estate Planning, Legal Services, Lifetime Planning
There are over 10 million people in Britain with a disability and over one million with learning difficulties. The families of these individuals have to consider additional factors when making a will or planning for the future. How will the disabled beneficiary manage their financial affairs if they are no longer around? Would an inheritance mean that state benefits are withdrawn or reduced? Would an inheritance put the family member in a vulnerable position?
To help deal with the above concerns, when leaving money or giving money to a disabled or vulnerable person, it is common practice to create a special kind of discretionary trust. This is a legal arrangement that allows a person or an organisation to look after someone else’s money and when set up properly, the right type of trust will ensure that the disabled or vulnerable person will continue to be provided for and continue to receive the government support they are entitled to.
The people in charge of the trust are known as trustees, it is usual to appoint between one and four trustees, but it is a good idea to appoint two as a minimum. It is also best to have at least one trustee who is not a potential beneficiary of the trust, to ensure there is an independent person helping make decisions.
Under the terms of such a trust, the individual with a learning difficulty or disability would be named as the primary beneficiary of the trust, and other beneficiaries, such as other children or grandchildren would be named as discretionary beneficiaries. When drafted correctly only the money that is paid from the trust to the individual and not the whole of the capital in the trust should be taken into account for any means-tested benefits. These trusts can also ensure that the vulnerable individual still qualifies for state benefits and care home funding. Such a trust is also useful where the beneficiary is not able to manage his or her affairs due to a disability.
Use of the wrong type of trust, or a poorly drafted trust could give rise to various tax charges, for example IHT would be due on the initial gift if it exceeds the nil rate band (currently £325,000) and on the value of the trust every 10 years and exit charges would apply on payments of capital out of the trust. Also capital gains tax (CGT) and income tax would be payable at trust rates. A carefully drafted trust for a vulnerable beneficiary can avoid these problems as the assets in this type of trust would be taxed as if they belonged to the beneficiary personally, even though the beneficiary does not legally own or control them.
It is perfectly legal and basic planning for anybody leaving money to a child or family member with a disability, so contact our team today and we can talk you through your options.
- Disabled Persons Trust
- A trust usually drafted into a Will that places money left to a disabled beneficiary in the care of trustees. Such a trust is designed to ring fence and preserve assets whilst allowing named ‘Trustees’ to manage assets for beneficiaries who may not be capable of managing their own property and financial affairs.
- Homevisit included
- Ongoing advice & support
- Price inclusive of VAT
- 2x Disabled Persons Trusts
- Two trusts drafted into two 'mirror wills' for a couple. Such trusts are designed to ring fence and preserve assets whilst allowing named ‘Trustees’ to manage assets for beneficiaries who may not be capable of managing their own property and financial affairs.
- Homevisit included
- Ongoing advice & support
- Price inclusive of VAT
Fill out the form below and we will contact you to confirm appointment availability in your area and book for a specialist to meet with you.
Our advisors are available to come to you at your home or workplace between from 8:30am to 9:00pm Monday to Thursday, and from 9:00am to 4:00pm of Fridays.
Where possible we will always sit down and discuss things with our clients face to face, there are no forms to complete, we just provide expert advice.
All of our staff are trained to the highest standards to ensure you always get the best advice, we are also members of the Institute of Professional Willwriters.
Mr BiffenAll our questions were answered with full and simple explanations. The advisor who visited our home made us feel relaxed, although a serious subject we actually enjoyed our meetings. He was able to find life cover for us when we thought it wouldn’t be available. We were so impressed and will recommend Dunham McCarthy to everyone we know.
Mrs BhirthThis was a very, very good service. Superb communication at all times keeping us informed throughout the process. We were very pleased with the gentleman who came to our house and he gave superb advice for the benefit of our family. I have been recommending this service to everyone I know.
Mr TsangI decided to take advantage of the free Will offer. It was so easy and took hardly any time at all. Most of it was completed after work meaning I didn’t have to take any time off work or go anywhere else. We found it to be so helpful that everything could happen when it was convenient for us. We would definitely recommend.
Mrs FordePrompt, friendly service. We had looked at various will writing companies, when a friend our ours recommended Dunham McCarthy. They delivered exactly what was expected but they worked around our work and went through things in detail. Why we had been putting off writing our Wills for so long I do not know.
Mr & Mrs SpeedWe were very pleased with the whole process. The service was convenient and professional, everything was discussed in simple terms, we have recommended Dunham McCarthy to all our family and friends for will writing.
Ms HarrisThe will writing process was so convenient; the staff were professional, knowledgeable and personable. They put me at ease throughout the whole process. I now feel reassured and would happily recommend their services to others.
Mr NugentThe service was excellent, in fact the whole process was very thought provoking – Dunham McCarthy guided us through everything clearly. Nothing was too much trouble, all of the appointments were worked around us. We were really pleased, so much so we have recommended to 6 other family members.
Mr BaileyWhen our Will was done the advisor walked us through the whole service brilliantly. We liked the fact that the Will was then brought out to our home to check through, it was also great how everything was explained in detail. What was even better is that advice was given but not pressured into doing anything we didn’t want to.
Miss LopezI found the service very friendly and I am delighted to have received a Free Will that would have ordinarily cost me £119.00. Communication was prompt. When they went through the Will they made sure they went through everything thoroughly and clearly. Overall, I can't sing there praises enough I am very happy & pleased.
Mrs CageEverything was great about the service and the advisor was very nice. they came out to see us twice and were on time and explained everything so well in great detail. They also saved us a lot of money on our life policies and made sure it was structured in a way that gave us peace of mind should the worst happen - we would highly recommend them.
Mrs StevensI thought the service was really convenient, I was very impressed. I found the adviser polite, professional and helpful, and I found the process thorough, which gave me time to consider everything properly so I didn’t feel rushed.
Ms HamiltonBirminghamA truly fantastic service. The advisor that came out was lovely, very approachable & put me totally at ease and we can now rest assured everything is sorted - total peace of mind.